Trying to buy property off my parents

Yellow_mango

Our accountant always has 'to look into'aspects of CGT. In other words find out from someone else.

Well it depends how complex or unusual those aspects are. No-one can be expected to know every aspect of complex legislation off the top of their heads to a level that they’re happy for you to rely on.

On the other hand if this is an accountant you’re paying to complete an individual personal tax return, I’d expect a decent level of familiarity with most common scenarios, even if they want to double check before committing firmly to a view. If this isn’t the case you need a new accountant!

“Looking into” is most likely reading the legislation and / or the HMRC website rather than asking another accountant.

davidmcn

POPPYOSCAR wrote: »

That would depend on the accountant.

Our accountant always has 'to look into'aspects of CGT. In other words find out from someone else.

I was just wondering if there is anyone out there who would specialise in this sort of thing.

Are there solicitors that deal with this?

Our daughter works for a solicitor firm but they do not deal with things like CGT.

There'll be accountants and solicitors with expertise in it, and plenty who don't. If they're in larger firms they'll no doubt have tax expert colleagues whom they can call on.

And as above, not every professional is going to give you advice off the top of their head - knowing the principles, where to find the exact answers, and how to interpret them, is the skill.

spadoosh

babyblade41 wrote: »

It amazes me how many people go about gifting houses for no return or very little, then wanting some of it back again but for a bit more without seeking professional advice right at the start rather than after the deed has been done !!

Its better to ask forgiveness than permission.

davidmcn

steampowered wrote: »

Could you buy them out gradually over several years?

Can't see how you'd do that if both parties need mortgages.

Albala

There is a yearly allowance for capital gains. And if they bought in joint names, presumably that's each. But you need to get proper advice.
When it comes to tax, I would never agree that it's better to ask forgiveness than permission, and I suspect that HMRC would be with me on that one. You need to get it right, so take professional advice. You could also ring HMRC- they cannot advise, but they can tell you what the rules are. It can take a long time to get through, but most times I've rung them they have been pretty good once I have got through. If you call, it will go on file.