How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask taxadvisor.uk Your Own Question

taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4802
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
54961312
Type Your Tax Question Here...
taxadvisor.uk is online now

My dad recently paased away. I was on the deeds of the house

Resolved Question:

My dad recently paased away. I was on the deeds of the house and the house now passes to me. I have my own property and have been told I'd be subject to capital gains tax. The house though has to be sold and the money split 5 ways amongst my siblings. My sister would like to sell her own house and buy my parents house. To aviod the capital gains tax could she sell her own house, then I sign the deeds over to her and she share the profits with us (siblings) frim jer own house sale?
Submitted: 4 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 4 months ago.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.

Expert:  taxadvisor.uk replied 4 months ago.

Thank you for your question.

Please advise if your father's name was also on the deeds or are you the only person.

I presume the will stipulated that the beneficiaries are 5 children.

Is the property value when sold likely to be higher than probate value.

Many thanks

Customer: replied 4 months ago.
Both parents names were on the deeds. There is no will. What is the probate value?
The property value will be approx £90,000 -£100,000
Expert:  taxadvisor.uk replied 4 months ago.

Thank you for your reply..

Probate value is the figure used to ascertain total asset base of the deceased for inheritance tax purposes.

If the property was the asset with the highest value, then it is likely total estate is worth less than £325,000 threshold for inheritance tax purposes.

You can do a deed of variation so that the proceeds from sale of property go to all siblings. You can also have a written agreement amongst the siblings that your sister would purchase the parents home via sale of her own property and use proceeds from sale of her house to buy your share of the parent's property.

Capital gains tax would only come into play if the property value at point of sale is greater than the value at the time of death.

More information on variation to distribution of estate can be found here

http://www.steelerose.co.uk/how-to-save-on-tax-using-a-deed-of-variation/

http://uk.practicallaw.com/4-500-3058

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.

Please only rate my answer if it is acceptable.

Customer: replied 4 months ago.
Thanks and that is the same advice for scottish law?
Expert:  taxadvisor.uk replied 4 months ago.

Thank you for your reply.

The same advice applies for Scottish law.

I hope this is helpful

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4802
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
taxadvisor.uk and other Tax Specialists are ready to help you

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
< Previous | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
 
 
 

Meet The Experts:

 
 
 
  • Sam

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
< Previous | Next >
  • http://ww2.justanswer.com/uploads/TA/Tax Expert/2013-8-21_231010_sam.64x64.jpg Sam's Avatar

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
  • http://ww2.justanswer.com/uploads/BI/bigduckontax/2013-8-12_222058_1.64x64.jpg bigduckontax's Avatar

    bigduckontax

    Accountant

    Satisfied Customers:

    2333
    FCCA FCMA CGMA ACIS
  • http://ww2.justanswer.com/uploads/TA/TaxRobin/2013-8-28_16186_femalebusinessprofessionalbinderhand11038485.64x64.jpg TaxRobin's Avatar

    TaxRobin

    Tax Consultant

    Satisfied Customers:

    524
    International tax
  • /img/opt/shirt.png taxadvisor.uk's Avatar

    taxadvisor.uk

    Chartered Certified Accountant

    Satisfied Customers:

    2845
    FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
  • http://ww2.justanswer.com/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    270
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.com/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.
 
 
 

Related Tax Questions