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Posted Fri, 19 Apr 2024 08:39:54 GMT by Den96912 low
Would like the proceeds of selling my home to go to my daughter as a GIFT to buy a bigger home for us all to reside in...how would this be possible ..I'm now widowed for some years and if i passed away would The current allowance which is £325,000 could this be combined to my late wifes £ 325,000 to a total of £650,000 worth of assets to be passed on after both of our deaths ie to my daughter/fiance and what other tax complications may arise..
Posted Thu, 25 Apr 2024 13:53:46 GMT by HMRC Admin 25
Hi Den96912 low,
What you do with the proceeds from the sale of your house is up to you and the buying of a joint property is not for HMRC to decide.
For any potential IHT, the £325,000 is the total of 1 person estate and you now cannot combine your late wifes allowance as her estate would have passed to you at the time.
Thank you. 

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