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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4883
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I sent you a question 2 days ago and have not yet received

Resolved Question:

I sent you a question 2 days ago and have not yet received an answer, although you have charged my credit card and the charge appears this morning on my bank statement.
The question was this:
I am about to buy a house for £180,000, which I am paying for in cash (i.e. there will be no mortgage.)
I wish to put half the property in the name of my partner. We have lived together in a rented property for the last 4 years but are not married. Will she be liable for tax in any way?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question..As you wish to have your partner's name on the title deed and give her 50% share in the property, this amount £90,000 is deemed a gift to her for Inheritance Tax purposes.Recipient of a gift receives it free of tax . so the answer to your question is your partner wouldl not be liable to any tax on this gift.This gift to her would be regarded as a potentially exempt transfer for your IHT purposes and the seven years rule would apply to it. Provided you survive for 7 years after making this gift, it would be out of scope of IHT.More information on gifts and their implications for IHT purposes are covered herehttp://www.which.co.uk/money/tax/guides/inheritance-tax-explained/inheritance-tax-planning-and-tax-free-gifts/ I hope this is helpful and answers your question.If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4883
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
taxadvisor.uk and other Tax Specialists are ready to help you
Customer: replied 1 year ago.
Thank you for that easy to understand and straightforward answer.
Can you please arrange for the fee I paid the other day (I think it was Wednesday) to be refunded?
Thank you.
Expert:  taxadvisor.uk replied 1 year ago.
Andrew, thank you for your prompt response and good words.If there are no more issues, I will appreciate if you would kindly rate my service/accept the service I have provided before you leave the site, to ensure I get credited for it by Just Answer. I will communicate with Customer support and ask them to look at your fee paid the other day.Many thanks

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