ChatterBank0 min ago
What Type Of Solicitor Do I Need?
I wanted to gift a property to a friend whilst I am able. Therefore, I am thinking of
getting a solicitor to deal with the legal aspects.
Which type of solicitor do I need?
Thanks for your thoughts...
getting a solicitor to deal with the legal aspects.
Which type of solicitor do I need?
Thanks for your thoughts...
Answers
1 to 16 of 16
Best Answer
No best answer has yet been selected by newbie99. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
conveyancing as above
it is a fren' ?
where did you get the property from ( bought, inherit etc0 there will be a base value. say £1000
you need a valuation now say £5000
then you have to reckon the capital gain - £4000 and pay tax on that ( probably £1 012 ) well OK subtract 11000 and tax at 28%
so you need to make a capital gains tax declaration as well er and pay the tax
and then survive 7 years
I leave aside the issue of whether you are doing this to avoid care costs
I was caught by this last year as we entered 6 y 9 m for IHT purposes.
it is a fren' ?
where did you get the property from ( bought, inherit etc0 there will be a base value. say £1000
you need a valuation now say £5000
then you have to reckon the capital gain - £4000 and pay tax on that ( probably £1 012 ) well OK subtract 11000 and tax at 28%
so you need to make a capital gains tax declaration as well er and pay the tax
and then survive 7 years
I leave aside the issue of whether you are doing this to avoid care costs
I was caught by this last year as we entered 6 y 9 m for IHT purposes.
// you can't gift away large value items without paying tax unless you meet certain criteria.//
the whole point of IHT is to pass on property, with or without tax
you cant do this - or you cant do that, isnt really a feature, (like you cant knife someone in the street)
if you do this ...
you do that then .....
but then of course, as someone who understands this tax, you would understand that
when I missed out CGT for six y. there was no oh you cant do this, you cant do that ( I had done ) much more - voluntary declaration needed
the whole point of IHT is to pass on property, with or without tax
you cant do this - or you cant do that, isnt really a feature, (like you cant knife someone in the street)
if you do this ...
you do that then .....
but then of course, as someone who understands this tax, you would understand that
when I missed out CGT for six y. there was no oh you cant do this, you cant do that ( I had done ) much more - voluntary declaration needed
The simple answer to your question is any solicitors office will be able to help you. Within that office will be conveyancing solicitors/clerks and those who will help you with the financial implications of your property transfer.
You can of course do it yourself
https:/
You can of course do it yourself
https:/
actually, some advice with a trust lawyer/accountant maybe useful - creation of the trust, the property remains yours, the house then gets rented to the friend who pays you a rent - this could equate to your gift tax allowance to him or her so that it remains at a net 0 and your friend gets use of the house....and the trust IHT gets a 1/7th benefit for each you live up to 7 years when it becomes IHT liberated.
Zebo at 10.54am, this is a separate question about SDLT. This only applies in England, not Scotland or Wales where they have different tax systems. If there is no "consideration" for the gift, there is no SDLT, but it's a gift subject to a mortgage, the donee taking over liability for the mortgage is treated as "consideration". See https:/
// I have other savings and I move and live in a relative's home. I don't think there is any inheritance tax or capital gain tax as this is my main home I am living in.//
no inheritance tax on a main home?
I think it would be sensible since you have an accountant to suck your belly button in and pay for advice.
getting it wrong can be expensive. if we cd get away with no tax by swapping homes and giving them away we would all do it ( in a circle)
no inheritance tax on a main home?
I think it would be sensible since you have an accountant to suck your belly button in and pay for advice.
getting it wrong can be expensive. if we cd get away with no tax by swapping homes and giving them away we would all do it ( in a circle)
1 to 16 of 16
