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Would I meet the criteria as a first ime buyer?
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Hi guys,
I had the house valued by an estate agent and it falls well below the inheritance tax threshold and am not bothered about that as i don't feel it applies in my case.
If i moved out into a flat why would I have to charge my own parents rent, sorry I don't understand this part.
It is not as simple as that unfortunately. HMRC don't just allow for property to be transferred so that the owner can be liable for no tax or so that the receiving person can charge to the transferee.
Regardless of whether or not you or your father have any kind of liability, you still need an accountant/tax lawyer to confirm this and to compile set of accounts relating to this property at the date of transfer from your father to you.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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