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Transfer Of Ownership
About 9 years ago I bought an apartment for my daughter, paying cash. Now my daughter wants to transfer ownership to me. What are the legal issues and tax considerations?
Answers
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On the assumption that you will die before she does, the value of the apartment, if part of your estate, will be liable for inheritance tax. If you are living in the UK, that is. If she continues to own the property, and if she has owned it for seven years before you die, it will not be part of your ( taxable) estate. There may be other ramification
11:17 Tue 01st Aug 2017
On the assumption that you will die before she does, the value of the apartment, if part of your estate, will be liable for inheritance tax. If you are living in the UK, that is. If she continues to own the property, and if she has owned it for seven years before you die, it will not be part of your ( taxable) estate. There may be other ramifications, such as Capital Gains tax, but you'd need specialist advice on this.
// the legal issues and tax considerations?// are huge
especially if you get them 'wrong' ( erm as I did)
I assume the apartment ( are you in the UK?) is in her name
( actually under Dyer v Dyer 1757 - if you are all agreed and wish to make an admission - the position is already that she is the legal owner and you are the equitable owner in a resulting trust) ( purchase of a house in the name of another)[ http://
she transfers it to you - it is her first house so no tax for her
You the lucky recipient no tax for you
BUT
You now have more than one house and have to nominate one as your main residence - and the other - the CGT clock starts. - in case you dispose during life
Suppose you now die - the house is part of your assets
and depending on the law changes - there may or may not be relief on leaving he property to her ( Mrs May promised there would be)
Actually I think you are crazy as the assets are going the 'wrong way' and you should be transferring your assets to your daugher and her delightful grandchildren to escape IHT....
unless there are creditors knicking at the door or
divorce beckons .....
either way - you dont need us to advise you but a lawyer who 'does it' and to pay for it
You and she need to see a lawyer - I mean if it is creditors eyeing up the value of the house - you own it anyway and not her......(Dyer v Dyer again)
especially if you get them 'wrong' ( erm as I did)
I assume the apartment ( are you in the UK?) is in her name
( actually under Dyer v Dyer 1757 - if you are all agreed and wish to make an admission - the position is already that she is the legal owner and you are the equitable owner in a resulting trust) ( purchase of a house in the name of another)[ http://
she transfers it to you - it is her first house so no tax for her
You the lucky recipient no tax for you
BUT
You now have more than one house and have to nominate one as your main residence - and the other - the CGT clock starts. - in case you dispose during life
Suppose you now die - the house is part of your assets
and depending on the law changes - there may or may not be relief on leaving he property to her ( Mrs May promised there would be)
Actually I think you are crazy as the assets are going the 'wrong way' and you should be transferring your assets to your daugher and her delightful grandchildren to escape IHT....
unless there are creditors knicking at the door or
divorce beckons .....
either way - you dont need us to advise you but a lawyer who 'does it' and to pay for it
You and she need to see a lawyer - I mean if it is creditors eyeing up the value of the house - you own it anyway and not her......(Dyer v Dyer again)
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