Hi there,
Firstly, my apologies if this question has been asked before, and if it has than pleaselet me know with a link to the required information - thanks.
OK...my sister owns a property in the UK, which she wants to either gift or transfer to me as she does not have any interest in the UK as her domicile is abroad with her family. She bought the property in the late 1980s and she did used to visit and stay in the property while here in the UK - but now for about 20 years or so she hasn't and wants to now gift it over to myself.
The property was bought back than for about £40,000, and now it is worth in the region of £700,000 (with no mortgage). What are the tax implications levied on the property if she:
a) - simply gifts the property over to me
b) - she transfers the property to myself for a nominal sale value (say £10 - 20k)
c) - what if i become a joint owner (have my name placed on the deeds also)
Would I incur any tax charges?
What tax charges would she be liable for and how will they get inforced?
With reference to (c) above, if i became the joint owner, than can she remove her name off the deeds at a later date?
Also, if i have been living in the property for a number of years without paying any rent-would that go towards my advantage?
Many thanks for your assistance in this matter.
Thanks
James
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