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Gift of Deed question
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It's called selling it. You can sell something for whatever price you want.fluffy_kittens2024 said:
Nope the mortgage advisor has told us all about that. It's just that my sister really wants the flat, and I want to sell it. So we wondered if I would be able to "sell" it to her for a smaller amount than the market value. I just don't know the name for the processciderboy2009 said:Is this an elaborate method to try to avoid stamp duty?
If so then it won't work - the tax man has seen it all before.
You've confused yourself.0 -
ok thank you.BarelySentientAI said:
It's called selling it. You can sell something for whatever price you want.fluffy_kittens2024 said:
Nope the mortgage advisor has told us all about that. It's just that my sister really wants the flat, and I want to sell it. So we wondered if I would be able to "sell" it to her for a smaller amount than the market value. I just don't know the name for the processciderboy2009 said:Is this an elaborate method to try to avoid stamp duty?
If so then it won't work - the tax man has seen it all before.
You've confused yourself.0 -
Gifted deposit, concessionary sale, sale under market value. I’ve seen all titles given to what you are doing.
the only potential issues are deprivation of assets if you need to rely on the state for benefits or care, inheritance tax if you die within 7 years.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Thanks very much. Am I right in thinking that because the flat is my primary residence, there won't be any Capital Gains Tax for me but there my be stamp duty for my sister? Sorry, appreciate you're not a solicitor so you might not know this!silvercar said:Gifted deposit, concessionary sale, sale under market value. I’ve seen all titles given to what you are doing.
the only potential issues are deprivation of assets if you need to rely on the state for benefits or care, inheritance tax if you die within 7 years.
Yeah I know all about inheritance tax as I just paid it on my mum and dads estate
Hopefully I will live past 7 years as I am 30! 0 -
yes, no CGT but sister will pay stamp.duty on the full market value so get it valued0
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