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Where Taxpayers and Advisers Meet

Selling a grob property

vik2001
Posts: 65
Joined: Sat Nov 17, 2012 2:24 am

Selling a grob property

Postby vik2001 » Mon Mar 16, 2020 10:05 pm

Mother gifted property to son as joint beneficial tenants. They both lived in property. Apparently its a grob on mother because of the tenancy they had.
If they sell the property does it cancel the grob. Is any cgt due.
Property was gifted in 2016 at 400k. Its now worth 450k.

pawncob
Posts: 4525
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Selling a grob property

Postby pawncob » Wed Mar 18, 2020 4:54 pm

The grob will cease on the sale as she'll receive her share of the proceeds.
With a pinch of salt take what I say, but don't exceed your RDA

vik2001
Posts: 65
Joined: Sat Nov 17, 2012 2:24 am

Re: Selling a grob property

Postby vik2001 » Fri Mar 27, 2020 10:56 pm

If mother bought a new property using her own cash after the grob ceases could the son move in with her if he doesnt contribute towards the new purchase. Do they avoid POAT. this way?

vik2001
Posts: 65
Joined: Sat Nov 17, 2012 2:24 am

Re: Selling a grob property

Postby vik2001 » Wed Apr 01, 2020 11:20 pm

Anyone have a opinion?

pawncob
Posts: 4525
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Selling a grob property

Postby pawncob » Thu Apr 02, 2020 10:37 am

There are no tax implications where a son resides with his mother, if he doesn't own part of the property.
With a pinch of salt take what I say, but don't exceed your RDA


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