Tax help needed - asset transfer

zzzaaa

Hi, thanks for looking in.

Seven years ago I bought a property in Greece on behalf of a non Euro relative, the property is still in my name.

This was done because he (the relative) insisted Greek law would not allow non EU members to by property in Greece without loads of admin. Although this sounds like rubbish since surely EU laws apply in Greece as they do in the UK?

Anyway, the relative now wants to sell the property at a modest profit (CGT issues) and get his money back.

Problem is he has asked me to give him power of attorney over the property, so he can sell and do as he pleases. I am very reluctant since the property will still be mine (in name) at the point of sale and if there is CGT then it will fall to me?

Is there anyway to move the asset to the relative (who incidently is now UK resident/ domicle for tax purposes) so that the relative picks up any tax on asset transfer?

This is a nightmare, I want nothing to do with this property; he thinks i'm being difficult, i just don't want any grief from HMRC. Now he is bullying me emotionally to get his money out of it, "we're family, i need the cash, i thought i could trust you, blah blah".

The last thing i want is his property or the tax; I just want to get shot of it with no tax implications for me.

Is this possible to transfer assets with benificary taking any tax bill?
Or is there another way?

Really appreciate your help.

chewmylegoff

it sounds like you would be liable for UK CGT on any profit (above the annual exemption), or appreciation in market value should you transfer it to him.

i am not sure what the implications are for you doing this on his behalf and what your liabilities are in that area.

the best thing you can do is bite the bullet, get your wallet out, and pay for some professional advice.