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buying a share in a 2nd house, help needed
sylv_3
Posts: 2 Newbie
in Cutting tax
hi all and thanks in advance for your help
Right Me and my partner own a house the mortgage is in both of or names.
Rather than pension plans etc we are going to put or money into property and draw on it in 30 years time. All sounds simple up to now, well this is where i need the advice.
We are going to give my partners mother (65) £46,600 towards a new house total cost £140,000. We are now worried about capital gains tax, inheritance tax, house being sold if she needed to go into care.....
How and what are the best ways for us to keep these costs to a minimum?, should we have the house in our name?, single name? basically what is the most tax efficient way of doing this? Indeed what sort of fees would i be paying?
When my partners mother dies, there are 2 other sisters (3 in all) whom will get a share of the house,this will be done by taking our intial £46,600 investemant plus interest from the final sale price, along with a percentage of the increase in value and the remainder being split 3 ways. Would you suggest a will would be ok for this or would it be best to get a solicitors letter signed by all sisters to agree this upon death?
Sorry for all the questions and thanks for the help
Right Me and my partner own a house the mortgage is in both of or names.
Rather than pension plans etc we are going to put or money into property and draw on it in 30 years time. All sounds simple up to now, well this is where i need the advice.
We are going to give my partners mother (65) £46,600 towards a new house total cost £140,000. We are now worried about capital gains tax, inheritance tax, house being sold if she needed to go into care.....
How and what are the best ways for us to keep these costs to a minimum?, should we have the house in our name?, single name? basically what is the most tax efficient way of doing this? Indeed what sort of fees would i be paying?
When my partners mother dies, there are 2 other sisters (3 in all) whom will get a share of the house,this will be done by taking our intial £46,600 investemant plus interest from the final sale price, along with a percentage of the increase in value and the remainder being split 3 ways. Would you suggest a will would be ok for this or would it be best to get a solicitors letter signed by all sisters to agree this upon death?
Sorry for all the questions and thanks for the help
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