• Ownership Of Property And Tax Implications

    By Guest on 08th Jun 2020

    In 1999 my mum wanted to buy a house but didn't have enough money so my sister and I each supplied one sixth of the purchase price. The house was registered in my name and my sisters name only.This was to protect our investment if the house had to be sold to pay care home fees and we also hoped by doing this we might not have to pay care home fees at all.
    Mum is now in a care home and her savings will run out in July 2021.
    If we sell the house will the council consider mum as owning two thirds of the property? If so can we take our one sixth share of the property and pay CGT on the gain.
    If mum dies before we sell the house can mums two thirds still be divided between the four children without any tax being paid. It would be below the inheritance tax threshold

  • 1 Answers

    By NotaryExpress on 09/06/2020

    I would suggest speaking with a public law solicitor or alternatively/additionally an accountant in regard to the care home fees and tax queries.

    www.notaryexpress.co.uk

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