Selling property to pay for care home

Lenny0001

If I sell my parents house to pay for care home fees and invest it across several accounts (which I will have to do in my name as I cannot open new accounts in their names) what are the tax implications as the money would still owned by them, but under my name? I don't want to be hit by capital gains tax... so what are the rules and common sense guidlines around protecting money investments on behalf of others, rather than owning the money on behalf of others?

masonic

Do you have a Lasting Power of Attorney or Deputyship?

Brie

Assuming you have POA then you should check if you can open the accounts in your parent's names.  The alternative is to get yourself added as having third party authority on the accounts they already have.

Gsaver1

Having a Power Of Attorney will allow you to open accounts in the names of your parents. I would just stick to savings account as the money will be required frequently to pay fees. 

Lenny0001

Yes, have an LPA, so will speak to the bank and see if they are agreeable to setting up accounts in their names. Thanks

xylophone

You should first check interest rates available at the various institutions.

You can then contact them to find out their requirements for opening/ registering accounts in the name(s) of your parents as their Attorney.

https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

For example

https://www.westbrom.co.uk/faqs/general-faqs/power-of-attorney/how-do-i-open-a-new-savings-account-under-a-power-of-attorney

Presumably your parents already have bank /building society accounts.

Have you registered the LPA with those institutions?