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House Sale Proceeds
BENNIE_2
Posts: 1 Newbie
My elderly mother has moved in with myself and my husband as she is no longer able to take care of herself and relies on me for everything. and finally after nine months we have an offer on her house. Originally the idea was to sell her house then sell ours and buy a bigger house together but due to the state of the house market at the moment we have jointly decided to use the money to extend/adapt our house and save my mum the hassle of moving again (she is 87)
We are looking to put the money in an easy access savings account for approximately six months then take out sums of money as and when required for the building works.
Does this have any implications tax wise for me or my mum as the house is willed to me anyway and this is a way of avoiding my mum going into a care home but also giving us extra living space. I'm also not sure of the best type of account to put the proceeds in (approx £85k) to earn some interest and provide easy access later in the year.
Can anyone help me with this please?
We are looking to put the money in an easy access savings account for approximately six months then take out sums of money as and when required for the building works.
Does this have any implications tax wise for me or my mum as the house is willed to me anyway and this is a way of avoiding my mum going into a care home but also giving us extra living space. I'm also not sure of the best type of account to put the proceeds in (approx £85k) to earn some interest and provide easy access later in the year.
Can anyone help me with this please?
0
Comments
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Might be better posting this in the tax forum? I would have thought that, given the value of the proceeds and assuming there are not other significant assets lying about, you should be ok as come under the inheritance tax minimum:
http://www.hmrc.gov.uk/rates/iht-thresholds.htm
Income tax wise it depends who’s name the money and account are in, so it might be best to leave it in your mothers name to get a lower band?0
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