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Buachaill
Buachaill, Barrister
Category: Law
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Experience:  Barrister 17 years experience
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My mother gifted her house to my brother and me equally in

Resolved Question:

My mother gifted her house to my brother and me equally in 1997 and has continued to live there . A Deed of Gift was drawn up and paid for. She is now in very bad health and the outlook is not good. I am single and live in a rented flat, my brother is married and has his own house. Is there any way that the Capital Gains Tax on the sale of the house can be reduced by me moving in and living there for a period of time.
Thank you
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1. If you move in and live there then there will be no Capital Gains Tax payable on your half share in the proceeds as this will be your principal private residence which will be sold. However, you living there will not affect the amount of tax payable by your brother on his half of the proceeds, as he will not be living in the house. You will have to live in the house for a year to qualify for principal private residence relief. Your brother would have to also live in the house as his sole or main residence for him to qualify for the same relief as you.
Buachaill, Barrister
Category: Law
Satisfied Customers: 10268
Experience: Barrister 17 years experience
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