The transfer of title was only completed in January 2014 - no money was exchanged.
Sorry - my mother purchased the property in her sole name in 2002 I think. John
Sorry - my PC is playing up so not sure if you received my response: Property purchased in 2002 for £90k by my mother and transfer of title to my Brother , sister and I completed in 2014. Is it in order / legal for me to buy out my Brother & Sister now for £25k each even though my mother still resides in the property and what will be the future capital gains tax position in the future?
Hi Keith , should I wait online for reply or will it be some time? Many thanks. John
Hi Keith , sorry - should I wait for response or will it be some time? John
Many thanks but I am still very unclear. Am I correct in thinking that there is no problem in me purchasing their share and that this in itself will not impact on CGT? For example, based on the original purchase price paid by my mother and the date of transfer of title , if I were to sell the property in say 3 years time instead of 10 , would I have a CGT Liability? what is the CGT calculated on? Is it the value as at 2014 when I aquired a part ownership subtracted by the sale price in say 3 years time? eg Sell at £150k. - Can you privide me with how CGT would be calculated? Sorry - but would really appreciate your guidance. JOhn
Sorry - here is the information which is very important:
Property purchased in 2002 for £90k by my mother - paid by her alone. but transfer of title to my Brother , sister and I completed in 2014 with no funds exchghanged. . Is it in order / legal for me to buy out my Brother & Sister now for £25k each even though my mother still resides in the property and what will be the future capital gains tax position in the future?
Sorry for any confusion , do you have the information needed to answer? Very much appreciated. John.
Hi sorry - I have to go out now but will be back within the hour. Kind regards. John
Hi , I am back , to close this off - am I correct in thinking that if the property increases in value at less than my CGT allowance each year , then there will be no CGT liability for me when I sell, irrespective of how much I pay to buy out my Brother & Sister? Eg I sell in 3 years time at £150k and the property value in 2014 was £120k - then NO CGT ? Many thanks. John