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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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Earlier this year I bought a property for the disabled daughter

Customer Question

Earlier this year I bought a property for the disabled daughter of a friend. The property was immediately registered in her name. I have four questions;Is there any potential tax liability for her or me as a result of the gift?I know IHT will become due should I die within 7 years. Do we need to register the date of purchase with the tax authorities? Can she have a will drawn up to bequeath the property to my daughter should SHE die?Were I to divorce from my wife, could she somehow make a claim for this property?
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,

To answer your questions:

1) for you, no, other than IHT as you have pointed out. For her, possible CGT should she dispose off the property and it is not her main residence;

2) No, you do not need to register the purchase but if she has a second home, she should elect which one is her main residence within 2 years of this purchase for CGT purposes;

3) yes, she may Will the property to your daughter;

4) she may not make a claim as such against the property but the judge could award you a lesser share of the marital assets and award your wife a bigger share.

Hope this helps
Customer: replied 3 years ago.

Many thanks. This is helpful.

CGT I am aware of and am not concerned given there has to be a gain first. It was the loss of the asset itself that us prime concern and you have answered that. Thank you. Paul .
Expert:  UKSolicitorJA replied 3 years ago.
Welcome.

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