During 2009 I wanted to acquire a property and as I was contracting through jobs I was unable to secure a mortgage, so my father bought a house in his name.
This house is his secondary house which he has never lived in.
Since 2009 the house that he bought for me is now freehold and the value has nearly trebled.
Apart of the increase in value was due to a refurb job on the whole house which I had done in 2012.
I own no other house and have lived in this house since 2009.
I now want to borrow against the the property to carry out some more works that will cost around 100k-140k.
The particular source of borrowing the money requires me to be an owner of the property.
My understanding is if I get my father to add me as a joint owner or the main owner on the deeds, I will be liable for inheritance tax if my father passed away within 7 years and he would have to pay capital gains tax at the point of change on the deeds.
No Stamp Duty would apply as it would be like he is gifting me this property. Is this correct?
If so, is there anyway round this?
- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch