Gifting home PET transfers

natty80s

getmore4less said:

Probate is not needed for the house transfer  but maybe for other assets/estate value, if there is any tax or it does not become an excepted estate.

First thing to do is establish the the value of the estate.

Some important information.

Exactly when was the house put in 3 names and what was the value at that time(important for potential future CGT calcs)

You lived there your 1/3 should become a PET(that makes the ~7 years important)
As you mum did not live there her 1/3 probably becomes a gift with reservation as he still lived there.
his own 1/3 is his.

if currently £750  that's at least £500, but maybe the PET was more less than 7 years and needs adding.

Any other assets that need adding up?

Nil rate band looks like there is going to be 2 full allowances so potentially £1m total

I see in another post you say he had nothing but the house,

looks to me you won't have any IHT even with a failed PET.

You may need to do a capital return, you would need you to go through IHT205 and see what comes out of that.

I suspect no one would bother not even HMRC if it was not done as there is no IHT to pay, but it may be useful for the future potential CGT on your mothers share of the house when that get sold(or none if you keep it till she dies).

All that is needed to transfer the house is the death certificate to get his name taken off.

That would now look to be owned 1/3 you 2/3 mum

Definitely a case for looking at a DOV to you for the 1/3 you mum inherits if your mum does not need it.
Would avoid a future CGT bill and maybe IHT on her estate

If there are plans for you and mum to live there at some point that would need consideration.

Thank you so much this has been helpful  
So the PET was done 8 years (2011-2019) 
My mum will be living at the property we have no plans of selling the property . 

Now I just need to get these forms done ASAP

greyteam1959

You need proper legal advice before you dig yourself into a big expensive hole.