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Being given a house ?
Gravy_2
Posts: 2 Newbie
I hope this is posted in an appropriate section ...
I'm not sure where to go for advice on the following matter ...
My partner's mother wants to give us the house which we are living in at the moment, in order that we can use it to finance a new house purchase between us. I suspect that it isn't quite that simple and that the chancellor will want a cut of it either in terms of income, capital gains or whatever.
The house is worth around £120,000.
Is there any way of her transferring the house to my partner without incurring a huge tax bill or similarly falling foul of tax regulations ?
Cheers
I'm not sure where to go for advice on the following matter ...
My partner's mother wants to give us the house which we are living in at the moment, in order that we can use it to finance a new house purchase between us. I suspect that it isn't quite that simple and that the chancellor will want a cut of it either in terms of income, capital gains or whatever.
The house is worth around £120,000.
Is there any way of her transferring the house to my partner without incurring a huge tax bill or similarly falling foul of tax regulations ?
Cheers
0
Comments
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There is something about IHT - if your partner's mother dies within 7 years you are liable for IHT. I'm not sure of the exact details. A solicitor is probably the first port of call for these matters.Stercus accidit0
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Thanks leftie,
I'm going to have a word with CAB later this week to hopefully clear this up.
CHeers0
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