We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
Selling my elderly parents house as she’s gone into care.
worldtramper
Posts: 4 Newbie
Hello
My elderly mother (89 years old) has to go into care and owns her own house outright.
At the start she won’t need to sell the house to pay for care as she has savings.
My question is - If we then sell the house to pay for her care after her savings has run out, Will she pay any form of tax on the sale of the property?
My elderly mother (89 years old) has to go into care and owns her own house outright.
At the start she won’t need to sell the house to pay for care as she has savings.
My question is - If we then sell the house to pay for her care after her savings has run out, Will she pay any form of tax on the sale of the property?
0
Comments
-
..unlikely?....what sort of tax are you thinking of?0
-
Do you hold a POA?0
-
Hi Guys
I don’t know what kind of tax I was thinking? I was hoping she wouldn’t as her house is way under £200k
Yes I hold POA0 -
The value of her house is irrelevant if it is her main residence being sold to pay for care home fees.0
-
Hi Worldtramper,
Why "if we then sell"? - I would suggest the house is put on the market as soon as it can, once your mum is settled in the home and will never return, then sell it, and put the money in the pot for her care. Don't wait for her current savings to reduce as the process will probably take a long time than expected. Also, reduce the time it is empty (Council Tax trap?) and do not consider trying to make money from renting.
Good luck
3 -
Thank you thank you for all your prompt responses.
So when we sell the house will we have to pay any form or sort of tax on the sale?
Im just thinking ahead if we need to cover this before the sale?0 -
There is no tax to pay when selling your main residence no other than estate agent and solicitor fees.When using the housing forum please use the sticky threads for valuable information.1
-
When a principal private residence is sold, there is normally no CGT on sale.
However, if the property were rented out for a few years and prices increased, there could be?
https://forum.alzheimers.org.uk/threads/capital-gains-tax-on-sale-of-house-used-to-fund-care.99288/
It would seem easier all round to sell the property and save/invest the proceeds as appropriate to fund your mother's care.
It might be worth looking into an immediate needs annuity - only two providers now.
https://ukcareguide.co.uk/immediate-care-annuity/
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 349.8K Banking & Borrowing
- 252.6K Reduce Debt & Boost Income
- 453K Spending & Discounts
- 242.8K Work, Benefits & Business
- 619.5K Mortgages, Homes & Bills
- 176.4K Life & Family
- 255.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards