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Buying my parents house
56cheffy
Posts: 485 Forumite
Parents property is worth £300 000.....
I have a brother and sister, we stand to inherit one third each......
As I stand to inherit £100 000 can I legally pay my parents just £200 000 for the property...ie full market value LESS what would be my inheritance..
If so, what would happen if I ever sold it...would I be liable for CGT on the £100 000 worth of 'my share'
eg...if the house were to sell for £500 000 in the future (after my parents had died) would I have to pay CGT on £200 000 or £300 000 profit?
I hope that makes sense!
I have a brother and sister, we stand to inherit one third each......
As I stand to inherit £100 000 can I legally pay my parents just £200 000 for the property...ie full market value LESS what would be my inheritance..
If so, what would happen if I ever sold it...would I be liable for CGT on the £100 000 worth of 'my share'
eg...if the house were to sell for £500 000 in the future (after my parents had died) would I have to pay CGT on £200 000 or £300 000 profit?
I hope that makes sense!
This post was created in an area that may contain nuts!
0
Comments
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If it is your only home, you do not pay CTG, otherwise you would be liable for CTG on the £300K"A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0 -
Are your parents going to continue living in the house?
Are you going to live in the house?
What if you become bankrupt?
What if you ever go through a divorce?
What if your parents need residential care in the next few years?
There is far more to this issue of buying property from parents than simply whether CTG will apply unless they are going to use the money to fund themselves somewhere smaller.0
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