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Where Taxpayers and Advisers Meet

Gifting whole

vik2001
Posts:72
Joined:Sat Nov 17, 2012 2:24 am
Gifting whole

Postby vik2001 » Wed Feb 26, 2020 7:55 pm

Mother gifted in 2016 property to me together as joint tenants. If mother now gifts the whole of property to me and moves out, does it matter where she moves to? Would she need to buy another place or could she go and live with another sibling without causing any tax issues for herself.

Jerome_Lane
Posts:25
Joined:Mon Jul 22, 2019 10:13 am
Location:Camberley, Surrey
Contact:

Re: Gifting whole

Postby Jerome_Lane » Tue Mar 03, 2020 10:41 am

Assuming the property is fully relieved from CGT by principal private residents relief and there should be no SDLT if the property is free of debt, your mother will be making a potentially exempt transfer for inheritance tax purposes when she gifts the remainder of the property to you.

Where your mother moves to is largely up to her and is unlikely to cause a tax issue unless for reasons you haven't disclosed, there is some sort of gift with reservation of benefit. Hopefully you're not planning on just turfing her out on the street and are aware that the limited information you've provided means any answer falls short of tax advice you can ever rely on.

Both your mothers and your tax positions can only be commented on with more detail provided and that's probably beyond the scope of this forum.
Jerome Lane
Tax Advisor
jerome.lane@stewartco.co.uk
Stewart&Co.
Chartered Accountants
Telephone: 01276 61203

vik2001
Posts:72
Joined:Sat Nov 17, 2012 2:24 am

Re: Gifting whole

Postby vik2001 » Mon Mar 09, 2020 8:06 am

There is currently a grob on the property. Because we both live there. Also she looses the rnrb as im joint tenants on the property.

If mum gifts me the whole house and moves out to live with brother rent free, does this release the grob we have as joint tenants? So in affect she be taking her name of land registry and making another gift.


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