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capital gains tax?
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whiteblossom
Posts: 1 Newbie
hello, I have a question about capital gains tax....
We inherited a house which we live in and decided to sign over our old home to our daughters. This was over 7 years ago. Our daughters are now signing the house back to ourselves as they are buying their own properties and wish to avoid high stamp duty etc. Will we need to pay CGT if we sell this property? The transfer was not for money in either occasion.
Many thanks in advance...
We inherited a house which we live in and decided to sign over our old home to our daughters. This was over 7 years ago. Our daughters are now signing the house back to ourselves as they are buying their own properties and wish to avoid high stamp duty etc. Will we need to pay CGT if we sell this property? The transfer was not for money in either occasion.
Many thanks in advance...
0
Comments
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People don't give houses away to avoid SDLT........I'm not sure you're placing all your cards face up on the table.
As it happens, this could be very bad IHT planning. The gift of the property to the daughters is now a successful lifetime transfer. If both of you die within the next 7 years, this won't be the case if the asset is transferred back."Real knowledge is to know the extent of one's ignorance" - Confucius0 -
The house is currently your daughters' home?
Why don't they sell it to finance the purchase of their new homes?0
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