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  • Reply to SDLT relief for multiple dwellings
    by BIGGYBIBIG
    whilst you are correct in most cases however that is not taking into account SDLT relief for multiple dwellings
    here is a copy and paste from HMRC own website, hence the reason for the post


    Example
    You buy 5 houses for £1 million.
    £1 million divided by 5 is £200,000....
    11-08-2022, 16:39 PM
  • SDLT relief for multiple dwellings
    by BIGGYBIBIG
    Hello everyone,
    I have had an offer accepted on a property purchase, subject to a surveyors report of £395,000 in England.


    I am currently looking at surveyors but i just wanted to know where i stand in terms of stamp duty, costs etc.

    I have phoned 5 different solicitors
    ...
    10-08-2022, 19:20 PM
  • Reply to Giving/Gifting House to Kids
    by jpkeates
    That's part of why it's worth getting professional advice - sometimes paying some CGT at 18% is more appealing than IHT at 40%.

    But lots of people don't have to pay any IHT at all, and if the bulk of the estate is a £200k property it would be well under the threshold at which any tax is...
    11-08-2022, 15:15 PM
  • Giving/Gifting House to Kids
    by Tony-Edwards
    Elderly parents in early 80s, one in not so good health.

    Lived in the same home (no mortgage etc) for 50+ years - now worth approx £180,000 - £200,000 and they have minimal savings.

    Looking ahead, if one has to go into care (or council provided home care) I understand there...
    11-08-2022, 11:12 AM
  • Reply to Giving/Gifting House to Kids
    by Neelix
    Hum,

    We know a family where the dad got a dementia diagnosis at the age of about 66 - he lived another 12 years. The cash assets of the parents were split 50/50 and these went quickly. There is a 50% charge on the house, that the wife can live in for life but can't downsize because 50%...
    11-08-2022, 15:10 PM
  • Reply to Giving/Gifting House to Kids
    by Lawcruncher
    Indeed.

    These days getting professional advice does not always ensure the best advice and the advice can be very expensive. What clients whose main asset is their home should be told is:

    · It is a myth that "the council can take your home to pay for care".
    ...
    11-08-2022, 14:57 PM
  • Reply to Giving/Gifting House to Kids
    by Neelix
    I'd rather my parents lived in comfort during their last years ............... clearly you don't seem to care....
    11-08-2022, 14:54 PM
  • Reply to Giving/Gifting House to Kids
    by Tony-Edwards
    At least there is a maximum lifetime amount of IIRC £86,000 now that the council can rob.

    But with a property worth £180,000, by the time they've had 2 x £86,000 there's not much left is there.
    11-08-2022, 14:50 PM
  • Reply to Giving/Gifting House to Kids
    by Neelix
    Well, my late mother had sold her house so when she needed full nursing care in 2012, the £6K per month spent it fast.

    I think that the 7 year period should be 20 years.

    As for people who haven't saved not being penalised - have you visited many "basic" care hom...
    11-08-2022, 14:45 PM
  • Reply to Giving/Gifting House to Kids
    by Tony-Edwards
    Yes, I think I'd read of a 7 year period to avoid the deprivation of assets claim by a council - so with them in their early 80s it makes sense to seriously look at it now.

    They will (quite rightly in my opinion) be furious that they saved and have assets which can be taken off them - when...
    11-08-2022, 14:41 PM
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