Giving jointly owned house

Keep_pedalling

nopaddle said:

The possible advantage is three-fold:

Firstly, it would simplify the arrangements if my uncle dies. For example if he lives for 8-years, I would not be expected to pay IHT, but if he gives part of his estate to his daughters in say 6-years time, they would have to pay IHT. It would seem fair that I paid this, but the details might get complex.

Whichever way you do it you will not be paying any IHT, that will come out of his residual estate (unless he has give so much away there is not enough left tt pay the tax due)

Secondly, both my parents are alive and married, I guess there is then a higher chance that they would out live my uncle.

Your father’s marital status does not really affect this. Let’s say the house they are planning to gift you is worth £750k and they each gift you their half. If your father dies within 7 years then his gift has used up all his NRB so none will be transferable to your mother’s estate but there will be no IHT to pay. If on the other hand you do it your way, your father would have gifted you £750k and £325k of that will be subject to IHT reducing the amount your mother will inherit.

Thirdly, my uncle's estate is worth more than my dad's so there more value in my uncle's estate that is over the threshold, and he can't share this with his wife any longer.

If your Uncle is a widower his estate will benefit from her transferable NRB, 

Grumpy_chap

Who lives in the house that was the Grandfather's house?
There may be CGT due now on the transfer to the OP.

Who will live in the house once it is transferred to the OP?
There may be a future CGT liability whenever the OP disposes of the house.

I assume that appropriate CGT was paid when the other house that was lost was disposed of...

Are the total estates of Dad and / or Uncle large enough that IHT will be liable?  Consider any transferred allowance from spouses and, possibly, principal private residence nil rate band.

Do Dad and uncle have other assets that will mean they can fund care should it be required?  If not, this house may be considered under Deprivation of Assets.

I assume Grandfather has passed on.  How long ago was that?  Are the Dad and Uncle still within time to transfer the house to the OP under deed of variation? 

Does the OP claim any means tested benefits?
Does the OP have any risk of a partner leaving a relationship and making any claim on the house?

Savvy_Sue

nopaddle said:

Thanks for all the comments. I live in the house.

I realise this is not trivial and I have tried to seek professional advice but my accountant said it inheritance tax is really outside her scope. My pensions advisor is fine for what he does but I am not convinced his opionion in this matter is routed in experience. Beyond a personal recomendation, how can I find some reliable advice? Can I pay an hourly rate for this sort of advice?

Ask if they can recommend someone who could advise on IHT and CGT on inherited property. If they can't (and even if they can) you need a STEP registered professional who will charge an hourly rate.

https://www.step.org/

They won't be the cheapest solicitor or accountant, but they will give reliable advice, which won't come back to haunt you because you got it wrong.