We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Gifting house, CGT and IHT
Comments
-
Hi
This is my first entry on any forum. So please excuse any procedural errors.
My wife and i live apart and we have homes in different parts of the country. However, we are both tenants in common of BOTH houses.
In our wills we both leave our 50% ownership in our prime residence to our son. My question is, As the spouse will get their half IHT free, will gifting only 50% to my son totally negate the additional £175k relief for his share. My house is currently valued at about £900k. I appreciate that he would not use all the £175k but it will be a big help to him.
Thanks in advance0 -
I forgot to mention that my son will also get the 50% interest in the spouse's house as well. But this is not a prime residence so not included in the £175k relief
0 -
The first procedural error is that it is better to start your own new thread rather than jump on the end of another one, especially one that is a few months old
Plus as it is mainly a tax question, rather than a housing one, you might like to delete your post and start a new thread here.
Cutting tax — MoneySavingExpert Forum0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.8K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards