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TR1 advice please
seasider02
Posts: 9 Forumite
Selling to our child (over 18) our 2nd property and child will have a mortgage.. Sale/purchase price £x. But lender over valued ( we are selling for same price bought 6 months ago ). Because of this solicitors are saying section 8 consideration last option to say purchase price £x and a gift equity of £y. but all I have read is you put purchase price what child is paying for it which is first box. I understand implications of market value for cgt and iht on gift but surely that is up to us to declare up to 60 days on our tax not on a tr1 form ? Just want to do it right way. Comments very much appreciated
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Comments
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I would say TR1 should state what you’re actually selling for. Doesn’t matter if value for tax purposes is higher.1
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