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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11141
Experience:  30 years as a practising solicitor.
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Can I sell my house to my son its market value. He

Resolved Question:

Can I sell my house to my son for half its market value. He will live in it and he will take out a mortgage for half the value and build a small house on land that we have next to it for me. The remaining half value of the house represents his inheritance when I die. The other house will be my daughter's inheritance, this works out equal shares of the original value of the house. My current property is well below inheritance tax value of £325.00 and the remaining cash balance of the estate will not go over this. If this is allowed would there be any tax to be paid by either my son or myself.
Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
There would be no inheritance tax if your title estate remains below the threshold. There will not be any Capital Haoms Tax either as you are selling the home you live in to your son and as such are exempt from CGT.
You are certainly not breaking any laws. You are taking sensible financial decisions for the better management of your affairs which is as it should be.
Please leave a positive response so that I am credited for my time.
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