Skip to main content

This is a new service – your feedback will help us to improve it.

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 Response
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. 

You must be signed in to post in this forum.