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Purchasing 50% of parents home.
Comments
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Why are your parents even considering this?
If it’s entirely because they want to help you, do the right thing, be a good person and don’t let them do this to themselves for your benefit!0 -
There hasn't been any suggestion that they are...Red-Squirrel wrote: »Why are your parents even considering this?0 -
Aside from all the other issues raised, the legal costs of setting all this up would probably outweigh any net saving in tax (if indeed such a claim was allowed)!0
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Another point to add;
You state you will give your brother 50% of probate. Yet you will have received 50% house aka 150k apparently. Plus their rental income meaning that your brothers "half" depletes monthly yet your "half" increases.
If your parents live long (hopefully they do) your brother will hugely dip out of amy inheritance - how does he feel about this?
Do your parents know about this idea? It would be in their interest to speak to a solicitor0 -
very true in cash termsThePants999 wrote: »Just want to re-highlight this for the people still saying there are deprivation of assets/inheritance tax considerations. There aren't - the parents had £300K before and will have £300K after.
but parents have sold a half share in a property they continue to occupy.
I agree that GWR is irrelevant since they sold it and have the corresponding cash. However, that is precisely the scenario that a POAT in intended to catch, you cannot continue to benefit from an asset that you sold... I assume OP is aware of that, hence the (emphasis) "market" rental demand as that defeats a POAT
the question therefore remains, is 3750 a market rent, if not, OP will need to charge more, and pay tax on it.0
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