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Sale of house
Aguiar
Posts: 2 Newbie
Hi my mother is selling her house a nd buying a flat the money that is left is going to be shared with family members my mother was going to put the money in my account so I can share it straight from the sale will I get taxed on that money
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Comments
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It's not taxable from your point of view, but why doesn't she just pay everyone herself rather than put the money through your account?
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She is 80 and and it makes more sense me doing it and a lot simpler0
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Your mother needs to be aware that if she has 'given' some of the proceeds of sale away, then needs residential care, she may be considered to have deliberately deprived herself of assets. See https://www.ageuk.org.uk/globalassets/age-uk/documents/factsheets/fs40_deprivation_of_assets_in_social_care_fcs.pdf The Local Authority may well come knocking on your door, asking for a contribution to their costs.
#2 Saving for Christmas 2024 - £1 a day challenge. £325 of £3663 -
Tell her to keep her money because if she gives it away and she needs to go into a care home the care home will want the people who have been given her money to pay for her care if there isn't enough in the flat for that.
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Also be aware that if she dies within 7 years of gifting you the money, that money wil be included in her estate for the purposes of Inheritance Tax.But no, there is no tax on you.3
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