Postby sandy2000 » Sat Jan 21, 2006 5:33 pm
Ann
My understanding is that signing over the house like that to children (or part of it) is a potentially exempt transfer. God forbid if father dies before 7 yrs there is IHT payable on a sliding scale not CGT - as the assset will be revalued at the time of death.
But in your case since the house is being sold while he is alive it will no longer be part of his estate if he passes away anyrime after the sale.
CGT will be payable by u on the sale, subject to yr allowances. and also whether you can qualify for residence status, depending on whether you have another main home or not.
I am not an expert - but this is the gist of what i as advised by someone who seemed to know about the subject.