Mother buying me a property.

Hey there, my mother is buying me a property as a gift of £220,000. I was wondering how much CGT would either of us need to pay? She says this will be part of my inheritance when God forbid the unthinkable happens. Thanks in advance.

Hi 
Capital gains arises where an asset is disposed for more than it was acquired for.
Who will pay the capital gains tax, depends on who owns the property at the time it is disposed of.
You may wish to speak to Inheritance Tax regarding any Inheritance Tax implications:
Inheritance Tax: general enquiries
You may also want to review the guidance here:
How Inheritance Tax works: thresholds, rules and allowances
Thank you. 

 


 

Hi there, my parents gifted money to me to buy a property a year ago but our circumstances have changed and I would like to gift the property back to them, so that it will be included in their estate when they pass for IHT considerations. But I will remain on the title deed. What IHT form do I need to complete? Also, what are the tax implications if I remain on the title deed e.g. do I have to pay CGT (if any) and when does this have to be paid? upon gifting? Thank you.

Hi there, sorry I forgot to add to my earlier post. What happens if instead of gifting back to my parents 100%, to be added back into their estate, can I gift 70% and keep 30% as I want to continue to live there? or would this be considered 'gifting with reservation'? I'm trying to explore different options. Thanks.

Hi,

For the Inheritance Tax side of things you will need to contact our Inheritance Tax team below.

Inheritance Tax: general enquiries

There wont be any Capital Gains Tax to pay by you if you contunue to live in the property as your main residence.

Thank you.