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You can sell the property for as little as you like, whether it be a £1.00 or £1,000. You would only be guilty of tax evasion if,for example,the official paperwork said the property was being sold for a £1 and your relative also handed over to you say £50,000 cash in brown envelopes.
I hope this assists and sets out the legal position.
Hi, there would never normally be any investigation, unless a third party informed HM Revenue that it was a fraudulent transaction. At the end of the day, you are free to sell your property for as much or as little as you want, and provided you only physically receive the amount quoted in the Sale Contract, there is nothing HMRC can do, as you have not committed any crime.
Hi, if I have helped, I would be grateful if you could rate my answer so I may get credited for my time. Thanks Al
If I have helped, please would you be kind enough to rate my answer.
Hi, please don't forget to rate my answer. Thanks Al