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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10528
Experience:  Barrister 17 years experience
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I am considering buying my mothers home at a below market value

Resolved Question:

I am considering buying my mothers home at a below market value price.
I understand that the 7 yr rule applies to her estate if she were to die within that period.
My question is with either a gift in form of direct cash or a reduced price for the house is the recipient liable for any form of Taxation other then the potential inheritance tax on my mothers estate?
Regards,
Ian
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1. Dear *****, there is no such thing as Gift Tax in the UK. Nor is there any form of Transfer Tax for cash transfers. There is Stamp Duty payable upon any property transfers. However, apart from this, there is no other tax, apart from potential Inheritance Tax payable on a transfer of either money or property from your mother to you. So, if your m,other survives for seven years after the date of the date of transfer to you, then there is no tax payable at all.
Expert:  Buachaill replied 1 year ago.
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