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Parents name on title deeds (already own their home) - tax upon sale?
wendydarling
Posts: 61 Forumite
Hi,
Looking for some advice regarding selling my home.
We are looking to put our house on the market (funded and all mortgage payments solely by my husband and myself and is our permanent and only residence).
When we initially purchased the house my parents had to be put on the title deeds in order to obtain the mortgage (mortgage is in my name and parent's names)
Will this house be seen as a second home for them and therefore liable for capital gains tax? How much is this and is it only taxed above a certain level?
Many thanks
Looking for some advice regarding selling my home.
We are looking to put our house on the market (funded and all mortgage payments solely by my husband and myself and is our permanent and only residence).
When we initially purchased the house my parents had to be put on the title deeds in order to obtain the mortgage (mortgage is in my name and parent's names)
Will this house be seen as a second home for them and therefore liable for capital gains tax? How much is this and is it only taxed above a certain level?
Many thanks
0
Comments
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tax is all about the details and you have not provided them.
On what basis parents listed as owners, eg. husband and wife plus parents (x2) as TIC? Eg. 25% each?
parents have a stake in ownership so yes they are liable for CGT, even if they have not paid anything towards the mortgage as it is not their primary residence. Amount payable depends on gain (provide details of original cost and expected sale price !) and will only be offset by the personal allowance of £10,6000 -
In effect the money to purchase the house was lent to three people, your mother, father and you? The three of you own the house as tenants-in common? Your parents have never paid anything towards the mortgage but own two thirds of the property?0
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Hi thanks for the replies. Percentages are not equal; now have the information I need so once more thank you for the information.0
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