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Gifting property
LuigisBoss
Posts: 4 Newbie
this isn't straight forward!
my father in-law has inherited a farmhouse, he doesn't live there, and it is currently being occupied by a paying tenant.
We are desparate to live there and can afford to renovate or possibly knock down and rebuild the property. The problem arises in transferring ownership from his name to our name....
I thought the 7 year gifting process would be straight forward but a mortgage broker has suggested this may incur CGT for him because during those 7 years we would be deemed to be "renting" the property.
I know I need black and white advice on this but I'm not sure if it should be from an IFA, a solicitor or an accountant...?
HELP
my father in-law has inherited a farmhouse, he doesn't live there, and it is currently being occupied by a paying tenant.
We are desparate to live there and can afford to renovate or possibly knock down and rebuild the property. The problem arises in transferring ownership from his name to our name....
I thought the 7 year gifting process would be straight forward but a mortgage broker has suggested this may incur CGT for him because during those 7 years we would be deemed to be "renting" the property.
I know I need black and white advice on this but I'm not sure if it should be from an IFA, a solicitor or an accountant...?
HELP
0
Comments
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Have you read the guidance on the inland revenue website or spoken to them? They are usually pretty helpful. What sort of tenancy is the property's current occupant on? You may not be able to gain possession if they are not on an assured shorthold tenancy. You also need to consider the implication of 'deprivation of capital' if your father-in-law needs personal care later in life.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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the current occupant is just on an annual contract due to expire in October. He is aware the contract isn't likely to be renewed.
cheers Mr Firefox will check the IR www.
AC0
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