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Ash
Ash, Solicitor
Category: Law
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Experience:  Solicitor with 5+ years experience
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My daughter loaned her brother £60,000 to buy and renovate

Resolved Question:

My daughter loaned her brother £60,000 to buy and renovate a property, he was later made redundant and was unable to repay her, they agreed that the property would be transferred to her as payment of the debt. The property is now worth £120,000, if she decides to sell it in the future would her Capital Gains liability be on the £60,000 profit she would make (less solicitors and estate agents fees and CG allowance) or on the £120,000.
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you with this.
Is this her only property please?
Customer: replied 1 year ago.

No she has her own home

Expert:  Ash replied 1 year ago.
In effect she paid £60,000 for the property, which is now worth £120,000 but has had no repayments back?
Customer: replied 1 year ago.

No her brother was made redundant so the property was transferred to her in lieu of the debt

Expert:  Ash replied 1 year ago.
Ok. Then she would be liable for CGT on the £60,000 profit made, less expenses.
She has in effect paid £60,000 for the property, which brother used to buy it. So it is the £60,000 profit.
Can I clarify anything for you about this today please?
Alex
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
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Customer: replied 1 year ago.

Thank you very much. I had been told that as no money had changed hands because it was transferred to her, she would be liable for CGT on whatever she sells it for.

Expert:  Ash replied 1 year ago.
Yes but in effect it was a £60,000 purchase.
Alex
Expert:  Ash replied 1 year ago.
Hi

I am just following up to see if there is anything else I can help with?

If this answers your question might I ask you to rate my answer before you go today please, the button should be at the bottom of the screen.

If you need more help please click reply.

Alex

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