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Capital gain / Holiday Home / Care Home Costs
spartacus173500
Posts: 74 Forumite
in Cutting tax
A mixed question but ....
My wife and I own a second home in joint names - holiday home available for letting.
My mother in law owns her own house and has a large amount in savings.
Could we sell a 1/3 share in the house to the mother in law, incur a capital gain on the 1/6 value my wife and I receive in the current tax year, and reduce the savings in the mother in laws account whch would be taken into account should she move into care?
Advice / thoughts appreciated.
My wife and I own a second home in joint names - holiday home available for letting.
My mother in law owns her own house and has a large amount in savings.
Could we sell a 1/3 share in the house to the mother in law, incur a capital gain on the 1/6 value my wife and I receive in the current tax year, and reduce the savings in the mother in laws account whch would be taken into account should she move into care?
Advice / thoughts appreciated.
0
Comments
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So, your M-I-L "owns her own house and has a large amount in savings" but wants me to pay for her care, should she need it.
I bet you think that people claiming benefits should be strung up as well.
God preserve us all!0
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