CGT implications

[windy]

Hi all

Its my first post on this forum so hello all- some exellent comments on here.

My questions is as follows

My elderly uncle owns a property outright. I gave him the cash for him under the council right to buy to purchase the property in his name. The deeds are in his name. I had a tax/probate solicitor draught up a deed of trust to protect my investment. THe property is in his name.

Now the 3 yr period under the right to buy terms have expired i am looking to transfer the property into my sole name. The trust document i created allows for this transfer to take place at my request.

As i provided the cash to ourchase intially no monies are changing hands as part of the transfer of equity.

I understand the transfer is a PET for iht purposes but my uncles estate is well below the iht threshold so there are no probs there. My queries/concern relate to CGT.

The house was his main/only residence so i assume there will be no CGT liability for him transferring the property in my name. In addition i assume there is no "IMMEDIATE" CGT issue for me as part of the transfer. I know there will be a CGT laibility if i sell in the future but i'll take advice on that further down the road.

Any ideas you tax wizards????


Thanks

Paul

[jeffrey]

I'm no tax expert but, as the funds were yours all along, I cannot see that your uncle has any beneficial interest at all. He is apparently a bare trustee, so any transfer to you simply vests legal ownership in you as the true (equitable) owner and could never be taxable- not even potentially under IHT, nor under CGT?

[windy]

Thanks Jeffrey

My tax solicitor was also good enough to e mail me today confirming what you said. She agreed there are no iht/cgt implications as part of the trnasfer.

THanks

Paul