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Where Taxpayers and Advisers Meet

Selling GWR property

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

Postby vik2001 » Wed Apr 01, 2020 11:24 pm

Mother gifted property to son as joint beneficial tenants. They both live in property. Apparently its a grob on mother because of the tenancy they had.

If they sell the property and mother buys a new property in her sole name, using her share of proceeds does it cancel the grob, or does it follow her. Is any cgt due?
Property was gifted in 2016 at 400k. Its now worth 450k

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Selling GWR property

Postby pawncob » Fri Apr 03, 2020 5:32 pm

I think everyone has offered their opinions on this several times. Perhaps you should ask a different question.
With a pinch of salt take what I say, but don't exceed your RDA

Nicklam
Posts:44
Joined:Sun Jan 19, 2020 1:00 am

Re: Selling GWR property

Postby Nicklam » Fri Apr 03, 2020 5:57 pm

Im kind of in a different situation to this but find it interesting. Though my issue is more clear cut.

I thought issue for op would be the grob follows from house to house. As his mother would have wiped out 50% from her estate on first house when selling. So wouldnt grob follow her into new house she buys for herself? I could be wrong.

Also Would the op be able to contribute say to utility bills if living with mother at new place? I think he needs to be careful of poat. Though i could be wrong again.

Even though he says mother made a grob on first property i dnt think she pays any cgt as she was still legal owner as a joint tenant id it was her main residence


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