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They are buying the house for £250000 and their other assets are less than £25000. So i believe inheritance tax will not be a problem. The new house will be bought in our names prior to them moving in. Apart from any issues with the council should they go into care, they are both currently well, I understand that the main issue will be the pre owned asset tax. Is my understanding of this correct? Would the property be subject to capital gains tax when my siblings and I sell in the future?
Many thanks. If i were to sell my property and used the proceeds to buy the other 2/3 from my siblings and then lived in the property as my main residence, along with my parents. Would we avoid the capital gains tax and any possible issues with the council etc. I expect that i wouldn't be able to do this until at least 6 months after receiving the 1/3 share of the property so in that time the market value of it may have increased. My own property is worth c£300000 so i would also have funds left over after paying both my brother and sister for their share. Does this matter?
Many thanks. I definitely have a better understanding of things now, so no more questions at this stage However, i did think that i'd signed up for a free trial whereby the number of my questions were not limited. Apologies if this is not the case.
Thanks for your response
We experts do not get involved with the subscriptions side of matters, but what will happen in under the free trial - Just Answer ensure us experts still are paid via their funding for the questions we answer, which are rated/accepted
So new questions, new posting - Thanks Sam