Tax Liable on a property sale ???

lentrix92

nomunnofun wrote: »

I could be wrong but I think (but only think) I know what you mean. Are you enquiring whether there is a difference if a) the proceeds of the house sale is paid to the parents before gifted to the children and b) if the grandchildren, for some reason, received the sale proceeds directly from, presumably, a solicitor? If this is what you are asking, the answer would be no, no difference or implications.

Exactly - many thanks - sorry for any confusion

nomunnofun

lentrix92 wrote: »

Exactly - many thanks - sorry for any confusion

Excellent - in both circumstances the end result will be that the parents have gifted the proceeds and, accordingly, no real reason to have the monies paid direct to the grandchildren.

CLAPTON

nomunnofun wrote: »

Excellent - in both circumstances the end result will be that the parents have gifted the proceeds and, accordingly, no real reason to have the monies paid direct to the grandchildren.

Such a gift will be a potentially exempt transfer for IHT purposes. If the parent dies within 7 years then the gifts will form part of their estate for IHT purposes.

This may or may not matter but we don't have enough details to say.

nomunnofun

CLAPTON wrote: »

Such a gift will be a potentially exempt transfer for IHT purposes. If the parent dies within 7 years then the gifts will form part of their estate for IHT purposes.

This may or may not matter but we don't have enough details to say.

I know, kind sir, and did say that in posts 2 and 5 when we were running around in circles.

At least, between us, we have got to the end result.

talkinpeace

or just pay to have the will altered and the funds go direct to the grandchildren and the risk is removed

getmore4less

How big are the estates of the kids(and partners) including this inheritance.

This is the key to deciding what to do

There is no point in bothering with any expense if there is no financial benifit.

lentrix92

I would say sub 350k