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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10352
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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I am in the process of selling my late Mother's property, my

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I am in the process of selling my late Mother's property, my two sister's and I are on the deed's as "Tenants in Common" along with my Mother. I am aware that I will have to pay capital gains tax as it is deemed as my second home. My partner has suggested that we both sell our own homes and purchase a home together, the idea is that we sell his home first and would have enough capital to purchase a home out of London. When my home sells, the plan is that we gift a large portion of the proceeds from my home to my two children in order that they can get on the property ladder. Would there be any tax implications on me do this.
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.

Hello and thanks for using Just Answer.

My name is ***** ***** am happy to assist you with your enquiry.

There are no immediate tax implications of you gifting any sale proceeds to your children. There would be no tax payable on any such gift.

The only implication is that of Inheritance Tax, in that if a party dies within 7 years of making a lifetime gift, the amount of gift (or propertion of it if the party dies 3-7 years after the gift has been made), will count as part of your Estate when claculating if Inheritance Tax is payable.

I am sure you are too young for this to be an issue.

I hope this helps and sets out the legal position.

Kind Regards

Al

Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10352
Experience: Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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