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Selling a share at undervalue
V2001
Posts: 248 Forumite
in Cutting tax
Due to a lack of funds if my mother was to buy back my share of house at undervalue, say 50k less than market value will this cause any tax issues? What do we need to be concerned about if doing this
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Comments
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Have you lived in the house since you acquired a share?0
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Yes we lived in the house. I meant to say me and my father.
It was in his sole name and a few years back he gifted a share of it to me as joint tenants in common and we continued to live there.
The house is valued around 550k. So half is around 275k, if I was to sell it back to him at under value for 200k ,(so 75k less) will this undervalue of 75k be seen as a pet? No issues if I live for 7 years after right?
Does it cause any sdlt issues either?0 -
Presumably you are the one short of funds? Why doesn't your father just lend you some money?1
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Thanks Jeremy good idea0
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