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Nicola-mod
Nicola-mod, Moderator
Category: Law
Satisfied Customers: 21
Experience:  Moderator
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Can i sell a quarter share in a 2 million pound house

Customer Question

can i sell a quarter share in a 2 million pound house for a pound to my brother. the house was my fathers house but was left in a trust for my 2 brothers and sister.
it is my brothers main residence
Submitted: 2 years ago.
Category: Law
Customer: replied 2 years ago.
the house is now out of the trust.
i was going to try and gift it to my brother, but told i couldntn,t gift over £ 50,000 is anyone liable for stamp duty . thankyou x
Expert:  ukfamilysolicitor replied 2 years ago.
Hello
Welcome to Just Answer
Thank you for your question.
Whilst legally you could choose to sell your share in the property for whatever price you want - what immediately jumps out at me is the tax implications of your proposed action.
You have stated that the house is your brothers main residence and not your principal private residence. If sell your share - you could be liable to capital gains tax on any profit. This being based on its current value - even if your brother bought it at a massive discount.
You also need to consider inheritance tax. Selling your share at an undervalued price - would count as a gift as far as inheritance tax is concerned. This would be part of your estate for seven years.
I suggest that you obtain specialist tax advice before you proceed.
Kind Regards
Caroline
I would be grateful if you could kindly rate my answer. I am new to this service and positive feedback us gratefully received. Please note that we get no credit for our work or payment unless positive feedback is received.
Customer: replied 2 years ago.
dear ***** with the greatest respect you,ve told absolutely nothing
i thought you were supposed to be an expert in this field . i might as well talk to someone in the street.
your not an expert this as been a complete waste of time.
you have joined the long list of people who pretend they can help me
i not happy .
Expert:  ukfamilysolicitor replied 2 years ago.
Thank you for your response.
I am not a tax expert and am happy to open up your question to see if any other expert can help.
Kind Regards
Caroline
Expert:  Nicola-mod replied 2 years ago.
Hello,
It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.
I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola