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I am a 50% co-owner of a property in England, my father owns…

Hi, I am a...

Hi, I am a 50% co-owner of a property in England, my father owns the other 50% and he wants to pass his 50% equity to me !! .. is this possible and if so will either of us be subject to Inheritance Tax, Capital Gains tax and Stamp Duty !!?? .. my name is Des

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No we have only discussed it so far !!

Lawyer's Assistant: Have you talked to an England lawyer about this?

Yes my father's lawyer briefly by e-mail but they were not sure about the IHT !!

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Yes, my father is 93 and is now in a Nursing home so the property is uninhabited but furnished. I do not own another property in England but I have a small property in France !!

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Customer reply replied 3 months ago
I forgot to mention the value of the property is UK£ 300,000.00
Answered in 17 minutes by:
3/23/2018
Aston Lawyer
Aston Lawyer, Property Solicitor
Category: UK Property Law
Satisfied Customers: 10,798
Experience: LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
Verified

Hi Des, thanks for your enquiry. I take it that there is no Mortgage on the property?

Kind Regards Al

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Customer reply replied 3 months ago
Correct !!
Customer reply replied 3 months ago
Are you there !!??

Thanks Des.

Stamp Duty- none will be payable if your Father is gifting the 50% to you, and you are paying him no money for his share.

Inheritance tax (IHT)- the gift will be treated as a PET (potentially exempt transfer), meaning that if your Father dies within 7 years of making the gift, the full value of it, or a percentage of it, will be classed as forming pert of his Estate for IHT purposes. The amount is as follow-if your Father were to die within 3 years of the gift, 100% of the market value of his 50% share will form part of his Estate, More than 3 and up to 4 years 80% More than 4 and up to 5 years 60% More than 5 and up to 6 years 40% More than 6 and up to 7 years 20%

Capital gains tax- on the basis that this was your Father's only property no CGT is payable, but as and when you sell, you may have CGT to pay if you are not going to reside in it. For CGT purposes, you are treated as acquiring your Father's 50% share at its current market value. You would have to take the advice of an Accountant as and when you do sell.

I hope this assists. If so, I would be grateful if you could rate my answer in the top right hand corner of your screen.

Kind Regards Al
s;-

Aston Lawyer
Aston Lawyer, Property Solicitor
Category: UK Property Law
Satisfied Customers: 10,798
Experience: LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
Verified
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Customer reply replied 3 months ago
Thanks Al .. very helpful and much appreciated !! .. kind regards Des
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