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Will it be your primary home please?
Yes. It is my family home and I live with my mother and my 2 kids
OK - the fees to transfer the property are straight forward, probably less than a few hundred £
You need to complete some forms and send them to the land registry
If this is given to you then as long as your mum survives you by 7 years there would be no tax to pay
Anything less than 7 years then you would have to pay a proportionate amount of tax which would be tapered over 7 years.
As long as you keep this as your primary home there is no tax to pay when you sell
If you do not keep it as your primary home you would be liable for tax on the difference between value on transfer and the sale price.
You then pay tax on that difference
Can I clarify anything for you about this today please?
Think you have covered everything. I believe I need form Tr1
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