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Transfer of Equity
Comments
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Sorry, I thought I had mentioned it.
Yes the owner will continue to live there.
What is GWR?0 -
First thing to do is to establish if the estate would actually attract IHT. You say the house is worth £400k, but what is the value of their other assets? What is their marital status? If they are are widow or widower and their deceased partner left everything to them then the first £650k of the estate would not attract IHT.
How are you related to this person?0 -
smartest_smarty wrote: »Sorry, I thought I had mentioned it.
Yes the owner will continue to live there.
What is GWR?
I think it means Gift With Reservation....
Inheritance Tax - Passing on home...0 -
it is hardly a smart move to ask a question and then not READ THE ANSWERS GIVEN, if you can't understand them then leave it to professionals to help your relative plan their estatesmartest_smarty wrote: »Sorry, I thought I had mentioned it.
Yes the owner will continue to live there.
What is GWR?
read #10
EDIT - having now read his other threads started today I won't be wasting my time on helping any more as they ain't stacking up as real0 -
I think it means Gift With Reservation....
Inheritance Tax - Passing on home...
Thank you,
I think I may have put the wrong title 'transfer of equity', after reading the link you gave me, it continually mentions giving away the home etc.
However, this is not someone giving 100% ownership and then leaving the property, or never living in it in the first place.
This is making me a joint owner.
The wording says' gives away a home, gives away a second home etc...
This is not exactly giving away a home.0 -
:wall: :wall: :wall:0
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In making you a joint owner or tenant in common, the owner would be making you a gift.
See post 4.
See also http://www.hmrc.gov.uk/manuals/ihtmanual/ihtm04071.htm
The owner should take expert advice before doing anything with his property.0
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