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Transfer of Property and tax involved
Comments
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I think as a family you need to take professional advice this sounds like a right mess. I could be wrong but I think HMRC would regard this as a gift with reservation which would mean the house is still part of her estate but as it stands RNRB cannot be claimed.On the plus side your brother can claim some relief on CGT as it was his main residence for part of his ownership.0
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It has the appearance of a gift with reservation of benefit.0
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In which case transferring it to my mother might be the best option so that she can claim RNRB.Keep_pedalling said:I think as a family you need to take professional advice this sounds like a right mess. I could be wrong but I think HMRC would regard this as a gift with reservation which would mean the house is still part of her estate but as it stands RNRB cannot be claimed.On the plus side your brother can claim some relief on CGT as it was his main residence for part of his ownership.0 -
Possibly, but that would depend on a number of factors including what could be a substantial CG liability that your brother would have to pay within 30 days of the transfer.1Mani1 said:
In which case transferring it to my mother might be the best option so that she can claim RNRB.Keep_pedalling said:I think as a family you need to take professional advice this sounds like a right mess. I could be wrong but I think HMRC would regard this as a gift with reservation which would mean the house is still part of her estate but as it stands RNRB cannot be claimed.On the plus side your brother can claim some relief on CGT as it was his main residence for part of his ownership.
You mother and brother should take paid for advice from an IFA who specialises in inheritance planning.Going off tangent somewhat, what happens to the house if your brother drops down dead tomorrow? Does he have a will leaving it to your mother? Does this ownership push his estate into IHT territory?0 -
That's why we don't want it just in his name or off his name completely. He'd be well into IHT territory but has no Will as far as I know.
Thanks, I'll look into IFA's in my area.....0
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