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erics
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e_smithson
Posts: 8 Forumite
i was thinking of signing my house over to my son, is it correct that after 7 years he wont pay inheritance tax?
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Comments
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Your estate would pay any IHT, not him. But, yes if 7 years pass, the 'gift' is no longer covered by IHT. http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm
Your son may become liable for CGT, however, depending on other properties owned etc. http://www.hmrc.gov.uk/cgt/index.htm
If there is a mortgage on your house, he may also become liable for Stamp Duty Land Tax. http://www.hmrc.gov.uk/sdlt/calculate/transfer-ownership.htm
You may have 'deprivation of assets' issues with your council, between now and your passing, should you need to go into care...0 -
All of his threads are entitled "erics" so I reckon his name must be Eric Smithson.
What happened to the car you were going to buy him Eric?0 -
Your son is very lucky - he's getting a free house and car."You were only supposed to blow the bl**dy doors off!!"0
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