• Transferring A Property As A Gift

    By Guest on 10th May 2016

    My wife's stepmother (aged 75)is planning to sell the former matrimonial home and give my wife the net proceeds from the sale. A more attractive approach financially might be to simply transfer ownership of the property to my wife since her stepmother no longer lives in the property and would be liable for CGT on any sale. Other things being equal do you think would this be a more tax-efficient path to pursue?

  • 2 Answers

    By Guest on 31/05/2016

    We are not really experts on tax law on this site but on the face of it it would help avoid CGT. There could be Inheritance Tax to pay on the gift if the lady dies within seven years of making the gift but this would apply equally to cash or assets. Presumably if your wife were to sell it after it was gifted to her she would have to pay CGT, unless she doesn't currently own a property?

  • By Guest on 11/01/2017

    The home has now been sold and the net proceeds passed to my wife. Should my wife die before her stepmother will there still be an IHT liability on either my wife's or her stepmother's estate?

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