5 years ago i gifted part of my property to my son as joint tenants. We lived in the property together. So its possibly a grob.
Now we want to go our separate ways. Could he buy my share out so he owns the whole house. And i use the money to buy elsewhere. Could this introduce a IHT or...
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31-03-2020, 13:41 PM
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Reply to Selling part shareWell if CGT was not payable on the first slice it won't be on the second.
I don't see that you retained a benefit, but I can't find any case law to that effect. But if rent was payable it would have gone in both directions (you would have paid your son half the rent and he would have paid...31-03-2020, 18:19 PM -
Reply to Selling part shareInteresting that it may not be a grob as we own it all together. But surely hmrc will view it as i retained a benefit.
Its our only main property i dnt think any cgt will be due. I was asking will cgt be due if i make another gift or sell my share to get my name of deeds?
I ask because...31-03-2020, 17:35 PM -
Reply to Selling part shareAlthough they were BOTH living there and both owned it -- so the share gifted is probably not a GROB. It would be if only the OP was living there (owning only a portion) and not paying rent.
It depends on the proportion - if the OP owned 1% and paid no rent - I think it would be in GROB...31-03-2020, 17:09 PM -
Reply to Selling part shareOk thanks.
So as i already did a gift of the property a few years back. Do i have to to pay cgt on the rest of the property when i gift it over or sell it to son as cash?...31-03-2020, 16:33 PM -
Reply to Selling part shareIf you gift someone a property (or part of one) and carry on living there, the gift has reservations.
So you either need to move out or start paying market rate rent to live there to end that situation.
Any transaction done at an undervalue is treated by HMRC as being at market value,...31-03-2020, 15:52 PM -
Reply to Selling part shareGrob meaning gift with reservation.
What if the purchase is below market value. The share is worth a market value of 250k but i can only afford to pay 200k. How will hmrc view it?
In another view i already made a gift of the property to him as joint tenant, how is the best...31-03-2020, 15:11 PM -
Reply to Selling part shareI don't know what a grob is in this context.
It was a gift with reservation, so, unless you are paying rent, the property is still in your estate for IHT purposes.
As long as your son doesn't live in the new property, I don't see that POAT would apply, but it's not something...31-03-2020, 14:52 PM -
Reply to New Landlord - Self Assessment HelpThanks this will really help us
Much appreciated and learning plenty this first time round....31-03-2020, 13:40 PM -
Hi Guys,
My wife and myself bought a property in December 2018. It needed repairs and other work such as:
1) A New roof (Tiles felt and battens) due to porous tiles
2) A new kitchen as it was in a bad state of repair and no one would spruce it up
3) A new bathroom,...28-03-2020, 15:56 PM