My elderly uncle wishes to transfer a property (very basic wooden bungalow which is not lived in but used by the family for holidays) to me to releave him of the maintenance and bills. Will I be liable for any taxes on this transfer? Would I be better off "buying" it from him? If I then decide to update it and rent it out for holidays would this alter the tax situation?
Thanks
transfer of holiday property
4 posts • Page 1 of 1
transfer of holiday property
by suehill on Thu Sep 24, 2009 12:34 pm
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Re: transfer of holiday property
by Peter D on Thu Sep 24, 2009 12:51 pm
Any gift will be deemed to be done at open market value and there will be a CGT liability on his gain between purchase and disposal. Did he ever live in the property as his only home. ? Regards Peter
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Re: transfer of holiday property
by suehill on Thu Sep 24, 2009 1:47 pm
He was left the property when his mother died and it's always been a holdiay home for the family.
SueH
SueH
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Re: transfer of holiday property
by Peter D on Thu Sep 24, 2009 1:52 pm
CGT will apply. The base price may be what was declared at probate or you may need to have a professional valuation done for the DoD. Regards Peter
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4 posts • Page 1 of 1
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