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I am 67 single and live in a house worth £750,000. The house…

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I am 67 single and...

I am 67 single and live in a house worth £750,000. The house is in my son's name.( He is married and lives in his own property with his family) I want to sell and move into something smaller and more manageable. Is there a way we can avoid him having to pay capital gains tax?

Submitted: 11 years ago.Category: UK Tax

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12/8/2011

UK Tax Professional: taxadvisor.uk, Chartered Certified Accountant replied 11 years ago

taxadvisor.uk, Chartered Certified Accountant

Category: UK Tax

Satisfied Customers: 8,814

Experience: FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)

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Hello, if you have any questions or need further clarification after reading my answer please let me know.

Please advise ....

is this property his second home and the one he lives in his main residence?

was it his main residence for any period?

Do you pay any rent on it?

Customer reply replied 11 years ago

I divorced twenty years ago and had the property put in my eldest son's name with the divorce settlement. He is now 36. Obviously he lived here until he married at 19 and moved out into his new family home. No I don't pay him any rent.

UK Tax Professional: taxadvisor.uk, Chartered Certified Accountant replied 11 years ago

Your son would be entitled to two sets of relief .

1) for the period this property was his main residence, there is private residence relief

2) there is relief for the final 36 months, even if he is not living there, as long as it's been his only and main home at some point during the time of ownership.

he would be entitled to his annual exempt amount of £10,600.

I'm afraid the balance would be liable to CGT.

If you need more information please let me know.

I hope this is helpful and answers your question... if you are satisfied with it please press the ACCEPT button when you close this chat, to ensure I get paid. Thank you

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