• Property Taxes (IHT, CGT GIFTS,etc.) - Details In The Comments Box Below.

    By Guest on 25th Jan 2017

    Hi,

    I would be very grateful if you could shed some light into my query below.

    The following represents a summary of MY CURRENT circumstance, followed by some initial questions/queries:-

    1. Savings
    • No Bond accounts.
    • Mother & I have a Joint account with an approx. £35,000.

    2. Properties
    • Property A – (1997-Present Date)
    - Purchased 1997, and now it is mortgage free.
    - Current market values approx. £780,000.
    - JOINT TENANTS with my mother.
    - Only my mother’s 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.
    - Only my brother & his family’s primary residence, and they pay all bills.

    3. Position
    • I have No WILL setup.
    • I have No Living Trust setup.
    • I have Never given Gifts.

    4. When I DIE, or SOON-AS, I would like
    • Properties
    - Property A, my mother to take my FULL share of ownership, as I have NO interest.
    - Property B, My brother should take FULL share of ownership, as I have NO interest.

    • Savings
    - Joint accounts – My mother to become the FULL sole owner of savings.

    Questions/Queries

    1. Can I put my ENTIRE estate (2 Properties + Savings account) as GIFTS/TRANSFERS in one go, to avoid paying taxes, providing I survive after 7 years?
    2, Would be beneficial/better option, to add my brother's name (via TR1) to property B, above?
    3. Hence, as in, my case is it feasible to exceed £325,000 nil band or have I misunderstood?
    4. Exactly which TAXES (IHT, CGT, GIFT, etc.) are the recipients or I, liable to pay?
    5. At present, what are my viable and effective actions, and the order of executions?

    I would appreciate immensely of any help/advice, specific to my scenario above, and any arrangements/measures to consider.

    My email address: [email protected]

    Looking forward to hearing from you.

    Many thanks,
    J Gee([email protected])

  • 1 Answers

    By Guest on 26/01/2017

    Hello,

    Thank you for your question but this forum is geared towards providing information on residential conveyancing matters and doesn't deal with complex tax issues. You need to speak to a solicitor who specialises in estate planning.

    Best regards

    FCA

  • Post Your Answer


  • Do you want to be informed of further comments / replies? Yes No

Ask a Question

Search