Gifting a house to a parent
Posted: May 12th, 2024, 10:07 pm
Hi all,
My siblings and I are trying to ascertain the best way forward with our mum's living arrangements.
She is living in a house we own (me and siblings), but wants to move to a smaller, more manageable flat.
She has taken advice and wants to have the property in her name, rather than ours.
(It's in our names as it was made over to us via a deed of trust she had drawn up around her beneficiary interest in her brother's estate and will after his death in 2002.) We already know it would mean CGT for us siblings, after selling the house, and only £500k of the value of her flat would be exempt from IHT on her passing.
But if we (4 siblings) gift her a £600k flat in her name with some of the proceeds of our sale of the house where she currently lives, what are the Gift Tax implications for all of us, please? (Both Mum and us 4 siblings). Anyone know?
Any thoughts or comments very welcome!
Thanks, James.
My siblings and I are trying to ascertain the best way forward with our mum's living arrangements.
She is living in a house we own (me and siblings), but wants to move to a smaller, more manageable flat.
She has taken advice and wants to have the property in her name, rather than ours.
(It's in our names as it was made over to us via a deed of trust she had drawn up around her beneficiary interest in her brother's estate and will after his death in 2002.) We already know it would mean CGT for us siblings, after selling the house, and only £500k of the value of her flat would be exempt from IHT on her passing.
But if we (4 siblings) gift her a £600k flat in her name with some of the proceeds of our sale of the house where she currently lives, what are the Gift Tax implications for all of us, please? (Both Mum and us 4 siblings). Anyone know?
Any thoughts or comments very welcome!
Thanks, James.