My Sister Giving Me A House Help

CLAPTON

lorrigirl29 wrote: »

thanks less CGT allownace 9,600

do i have to pay that 9,600

or would it be that i pay 5472

is teh 5472 the only price i pay altoghether and would it be better to get my house valued at the lowest price possiable

everyone can earn 9600 capital gain per year without paying any CG tax so the amount your sister would have to pay would be 5477. Note the liability is your sister's and not yours.

It would indeed be best to have the lowest price but the HMRC may query it.

CLAPTON

sloughflint wrote: »

Would that still be the case if the sister used some of her inheritance?

OP, was the house bought with your inheritance money or both of yours?

If the OP was left money and the house was bought with that money then the beneficial ownership would be the OPs and so no CGT would be payable.. but the HMRC would need an paper trail to agree to that. If the house was bought with their joint inheritance then half the CGT would be payable...


Also if the sister is married then she could give half to her husband and they could then transfer it and use his CGT allowance too.

sloughflint

CLAPTON wrote: »

If the house was bought with their joint inheritance then half the CGT would be payable...
.

Yes that's what I was getting at and wanted OP to be aware. It's not too clear from the first post but possible that sister combined both shares but used her own name for the purchase.

think we got some inheritance money as i was young and wild she took charge of it and a good thing now she bought the house now iam seattled down she wants to give it to me

lorrigirl29

there no proof that i had the money and that i paid for house via bankers draft wev been down that route bank says they only keep records for 7 years

so say if we got house revalued and it was worth £35000 what would need payn

also i will have to pay not my sis as it is getn giveing to me
what sort of professional could i speek to as my solicator doesnt have a clue thanks.

Mary_Hartnell

I wonder if the original poster could claim "squatters rights" (adverse possession) and obtain title that way - but it would take many years to get a completely clean "freehold" title.

tattoed_bum

would it be possible to now put the house in both names and then later just ransfere to your name

lorrigirl29

iam not suer

but who would i need to speak to to get some sound advice my solicator doesnt know out so what other profession person would i need to speak to thanks

CLAPTON

it would be helpful if you explained exactly the circumstances leading up to the purchase of the house and exactly where the money came from

margaretclare

CLAPTON wrote: »

it would be helpful if you explained exactly the circumstances leading up to the purchase of the house and exactly where the money came from

.....and also it would be a great help if you wrote in plain English because apart from the words 'sister' and 'house' I have not understood most of this at all.

lorrigirl29

funny other people dont have youre problem ?