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8/10/2010
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 16,712
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
VerifiedCan you tell me if the money you give to your son will be a loan or will your name be put on the property deeds as a joint owner of the Isle of Wight property?
If you put your name of the deeds as a secured creditor as a mortgage company would then there should be no Capital Gains Tax consequences for you as you will just get your loan back and possibly some interest. Your son could then sell the house later free of CGT as long as he did so within three years of moving out. I'm not convinced the mortgage company would let you do have your name on the deeds however.
If you effectively buy into the property and sell at a profit at a later date then your share of the gain will be liable to CGT as it won't have been your main home.
If you effectively buy into the property and sell at a profit at a later date then your share of the gain will be liable to CGT as it won't have been your main home.
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 16,712
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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