Crosswords1 min ago
inheritance tax/ capital gains and gift tax
I have a question which may involve any one of the follow:-
INHERITANCE TAX/ CAPITAL GAINS AND GIFT TAX
My father and I own a house together and both of our names are on the deeds.
I want to remove my fathers name from the deeds as a mutual agreement and leave only my name on the deeds.
Is this liable to Gift Tax? Is this seen as a Gift? Am I going to be hit for Capital Gains tax?
Any help with this question will be much appreciated.
Thanks
Answers
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For more on marking an answer as the "Best Answer", please visit our FAQ.Even if no money changes hands hands a Revenue Form known as SDLT 60 must be completed and sent to the Land Registry. A SDLT 60 can be downloaded from here . The position with Capital Gains Tax is not correctly stated in the first answer above - the current threshold is �275000, and with gifts for years 1-3 there is no reduction in any tax due, and then the reduction for years 3-4 is 20%, 4-5 40%, 5-6 60% and 6-7 80%.