Capital Gains Tax

[aerodrome]

I still live with my mum, but she wants to sign the house over to me. Its hers outright. If, in years to come, i were to move out, is there a way so that i wouldn't have to pay capital gains tax if i were to sell the property? Perhaps if i moved back into that house for a few years before selling?

[factor-fiction]

I'm not sure why there is any point in signing it over to you- it's easier to leave it in her will

[Im a BusyBee]

maybe factor becauseof IHT or if she becomes ill and needs care the equity in the house can be used to pay for it

[Postdog]

If it is going to be your principle home, I don't think CGT will apply. Of course, any money you make on the sale of any other property could then be liable for CGT.

[factor-fiction]

Is Im A BusyBee implying it might be a ruse to avoid paying care home fees? I think the authorities are pretty wise to that one.
IHT is only an issue if the estate is worth over �350,000 and there are rules about gifts. TAgain teh authorities are awre of this ruse
There are examples on Answerbank of cases where signing a house over has led to all sorts of problems.
You'd need a solicitor and you'd have to clarify both parties' rights and cover off IHT aspects.
I'm not questioning aerodrome's motives- I'm just not sure what the benefits are and if we knew we could give guidance on those perceived benfits

[chas2008]

playing a dangerous game, i know someone who done this, signed over 1/2 the house to her son to avoid tax when she died,. It backfired when the son died first , leaving the mother to pay CGT/IT to remain living in the house..

[aerodrome]

I think she wants to sign it over to me cos that's what her sister did for her, about 20 years before she died. Its for her own peace of mind - she worries a lot. And didn't want any fights between my brothers and i - brothers aren't always that nice if you know what i mean. Anyway, we're having an agreement drawn up so that i can't sell the house etc while my parents are there, and they can't throw me out or try and sell it etc either. But the solicitor said about CGT if i were to get another home later on. I was just wondering if you have to pay it no matter what, or if it depends on each individual situation.
As for tax evasion etc - as been implied - people can think whatever they like. If i have to pay something believe me i pay it.
Do you really think i'd be broadcasting it on the internet if i was trying to do something dodgy?? I have a brain you know??!!
Thanks to all thats replied. The response surprised me to be honest.