My mother owns propety in the uk but is domiciled outside the UK, we (family including mother) would like to raise finance on this property to buy another property. We then intend to do up and the sell the old property after we have moved into the new property.
We have been told that we cannot raise finance on the property if it's in my mother's name, however,
Since her children are all resident in the UK, should she gift the property to them and they could raise finance on the property.
Questions:
1. Is this all correct?
2. What are the tax implications of this, will the we be liable for capital gains tax or Inheritance TAX.
Gee
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