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Best way of gifting a property


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Hi,

 

Would really appreciate some advice on if I will be liable to pay Capital Gains Tax

 

Summary

 My parents are about to buy the house next door to me. Cash buyer.  Semi detached. Well under the inheritance tax threshold. No outstanding mortgage. As soon as they buy it they want to gift it to myself, wife and or children as I have financially supported them over the years, cleared some of their debt and they want to support their grandchildren. They wont be paying me rent.

 

When they gift it me it will be valued at exactly the same price they paid for it. They own no other properties.

 

Even considered knocking through and turning it into one big property.(Classed as living together). Would that impact on it?

 

I currently own a house myself so dont want them to buy the new house in my name as I will be liable for Stamp Duty

 

Im aware of all the risks around divorce and falling out with family so just need some advice on the financial side of things. There are no known issues regarding avoiding fees for care homes/bankruptcy. 

 

Many thanks

Edited by bill1980

Im new to this and am just giving an opinion. Seek further clarification and advice on what I post before taking it as gospel :)

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Thread moved to General Legal Issues Forum...please continue to post here to your thread.

 

Regards

 

Andy

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Hi.

 

You need to gather a lot of information on this. We'll do our best to help but it's possible you will need to see a lawyer.

 

I'll go and look for information, but two things I think you should look at are 'gifts with reservation' and 'deprivation of capital'.

 

HB

Illegitimi non carborundum

 

 

 

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Just now, honeybee13 said:

Here's a link to HMRC about gifting property.

 

https://www.gov.uk/inheritance-tax/passing-on-home

 

HB

Thanks for your time. Will take a look. 

Im new to this and am just giving an opinion. Seek further clarification and advice on what I post before taking it as gospel :)

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AgeUK on deprivation of capital/assets.

 

https://www.ageuk.org.uk/globalassets/age-uk/documents/factsheets/fs40_deprivation_of_assets_in_social_care_fcs.pdf

 

I think you and your parents may need to see a specialist wills and probate solicitor to talk through the ramifications of what they want to do. You can find local specialists through the Law Society website, Find a Solicitor. You can tell the site where you live and it will tell you who deals with wills and probate.

 

HB

  • Like 1

Illegitimi non carborundum

 

 

 

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  • 2 weeks later...

Consider setting up a Discretionary Trust. 

You will need a Trust lawyer to set it up for you.

But the basics are:

2 Trustees and named beneficiaries

Your parents can "give" the money to the Trust - up to £325k IHT threshold - to purchase it

This is useful route if you don't intend to sell the property.

selling at a profit would incur capital gains tax.

Also it won't impact your own personal residency ownership

The lawyer would advise you properly though

 

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Thanks for the advice, it's appreciated. I will get some formal advice before jumping in.

 

Reading my original post back it doesn't make it very clear as half of it is hypothetical as I'm exploring options at the moment and just want t ok do the best.

 

What I'm leaning towards is

 

1) loaning my parents money to clear existing debt and mortgage. This loan will be drawn up and secured against property. No interest charged.

 

2) This will allow them to downsize, sell their house and move into the house next door to me.

 

3) I will benefit as I don't get a random neighbour, I help them out,I never intend to move. I will also hopefully be named in the will. 

 

No inheritance  or income tax issues. No sign of this in the near future but if they do go into care I won't be out of pocket due to loan agreement.

 

Like I said these are just initial thoughts and we will get professional advice. 

Im new to this and am just giving an opinion. Seek further clarification and advice on what I post before taking it as gospel :)

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