UK Inheritance tax, Capital Gains tax, Gifts, etc.

Joined
Feb 3, 2017
Messages
1
Reaction score
0
Country
United Kingdom
Dear Sir/Madam,

I would be very grateful if you could shed any light into my query below:-

My current position
- I have No WILL setup.
- I have No Living Trust setup.
- I have Never given Gifts.

I owned 3 properties, which are now mortgage free.

Property A
– (1997-Present Date)
- Purchased 1997, and now it is mortgage free.
- Current market values approx. £780,000.
- JOINT TENANTS with my mother.
- My mother’s ONLY primary residence and she pays all the bills.

Property B
– (2004-Present Date)
- Purchased 2004, and now it is mortgage free.
- Current market values approx. £430,000.
- SOLE ownership in my name.
- My brother’s ONLY primary residence and he pays all bills.
- No Rent is payable by my brother.

Property C
– (2011-Present Date)
- Purchased 2011, and now it is mortgage free.
- Current market values approx. £310,000.
- SOLE ownership in my name.
- My ONLY primary residence and I pay all bills.

Questions/Queries

I would like to transfer/add/gift, Property B above, to my brother’s name. Moreover, if I exceed the nil rate band, I will be liable for Capital Gains Tax, and/or my brother will be liable for Inheritance Tax, and/or Gift Tax.

Hence, what are my viable options to MINIMISE/AVOID taxes, i.e.

· What if I, remove my name, and add my brother’s name to the title deeds?
· What if I, retain my name, and add his name to the title deeds?
· What if I, make a gift to my brother, and providing I live for 7 years?
…etc.

Any help/advice, specific to my scenario above, together with any arrangements/measures, would immensely be appreciated.

Looking forward to hearing from you.

Many thanks,
Khan
 
Joined
Mar 31, 2017
Messages
8
Reaction score
2
Country
United Kingdom
· What if I, remove my name, and add my brother’s name to the title deeds? >>>Stamp duty, the higher rate.
· What if I, retain my name, and add his name to the title deeds? >>>I'm not positive, but I suspect stamp duty at the higher rate will also happen here.
· What if I, make a gift to my brother, and providing I live for 7 years? >>>Stamp duty, the higher rate.

See an inheritance specialist for workarounds.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top