• How Does It Work If My Mother In Law Gifts A Property To Me After My Father Passes Away?

    By Guest on 20th Nov 2016

    My father is due to marry his partner of 14 years next week and is suffering terminal cancer. He may not be able to redo his will in time so all the assets will go to his then wife, his property will then be gifted to me by my mother in law, but what taxes will we be liable for when doing a gift of this nature?

    I'm aware of IHT and CGT, my dad bought the property for £90,000 and is now with in the region of £240,000

  • 1 Answers

    By Guest on 21/11/2016

    The gift shouldn't have any tax implications except that there may be additional IHT if your step mother dies in the next 7 years and if it will npt be your main residence there may be CGT to pay when you sell. There will not be any stamp duty as this paid on the actual price paid by you (which will be £0) not the value

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