Transferring property ownership from parent to children
Discussion
Would appreciate some advice on this.
My 78 year old mum owns outright a BTL property worth £90-100k, and wants to transfer it in to mine and my sisters names as part of planning for inheritence tax as their estate will attract IHT.
She purchased the property around 7-8 years ago, for a similar amount, so there is minimal 'profit'.
Once transferred to me and my sister, we have no plans to sell.
Is it possible to do this without involving a solicitor and how do we do it so it is tax efficient?
My 78 year old mum owns outright a BTL property worth £90-100k, and wants to transfer it in to mine and my sisters names as part of planning for inheritence tax as their estate will attract IHT.
She purchased the property around 7-8 years ago, for a similar amount, so there is minimal 'profit'.
Once transferred to me and my sister, we have no plans to sell.
Is it possible to do this without involving a solicitor and how do we do it so it is tax efficient?
Depending on your mothers total asset base this is either fine ( assets less am than the £325k iht limit ) or a potentially exempt transfer that will clear after 7 years with taper.
Make sure the income is yours so it is not a gift with reservation. Any profit is liable to cgt when she gifts it
Make sure the income is yours so it is not a gift with reservation. Any profit is liable to cgt when she gifts it
Jeremy-75qq8 said:
Depending on your mothers total asset base this is either fine ( assets less am than the £325k iht limit ) or a potentially exempt transfer that will clear after 7 years with taper.
Make sure the income is yours so it is not a gift with reservation. Any profit is liable to cgt when she gifts it
Thanks for this, and the part around income, great point.Make sure the income is yours so it is not a gift with reservation. Any profit is liable to cgt when she gifts it
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