Mortgage & tax problem

MaMurf

We're downsizing to help our student daughters by buying them a London flat. How can we find someone to give us advice on the tax implications as well as the best solution for buying two properties. We can only find tax experts or mortgage brokers no one seems to be able to answer both questions.

CLAPTON

MaMurf wrote: »

We're downsizing to help our student daughters by buying them a London flat. How can we find someone to give us advice on the tax implications as well as the best solution for buying two properties. We can only find tax experts or mortgage brokers no one seems to be able to answer both questions.

depends upon the circumstances

you can sell your own home without tax consideration

-you can buy a property for yourself to live without tax considerations (except stamp duty)


you could give your daughters money to buy a flat for themselves to live in without tax considerations (except potential inheritance tax if you die within 7 years)

however if you buy a second property for your daughters to live in then you will be liable for capital gains tax when you eventually sell


maybe give us some more idea of your thinking but an accountant used to dealing with property would seem to be the right person to consult

Pennywise

MaMurf wrote: »

We can only find tax experts or mortgage brokers no one seems to be able to answer both questions.

They're two completely different professions, so no surprise that you can't find someone to do both. You need an accountant for the tax advice and an IFA/mortgage broker to find the mortgage. Some larger firms may have both in-house, but beware people who say they can do both themselves.