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Proceeds from house sale
ColmJ
Posts: 3 Newbie
A family member and I purchased a house together which we have now decided to sell. The mortgage was solely in his name but we are splitting profit equally 50/50.
Amounts to approx. £45k each with I intend to pay off a different outstanding mortgage.
Question is, the house sale is paid his account… so how do we go about transferring the £45k to me? Can I simply get a "gift" which will fall under the 7 year inheritance tax rule? Or do I have other options.
Many thanks! C
0
Comments
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He sends the 45k to.you as it is your profit. No gift, no IHT - it is yours
You work out your CGT (if any) and pay it1 -
Are you sure the proceeds are going to his account? I would expect the solicitors to prefer they either pay a joint account or split it between you. It isn’t a gift anyway, you’ve just turned the property you already owned into cash. As above, watch for any CGT liability.1
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It would be worth documenting the purchase and the mortgage payments so that it can be seen that this money is not a gift, but your share of the profits.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.1
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