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INC Law
INC Law, Solicitor-Advocate
Category: Law
Satisfied Customers: 15141
Experience:  LL.B, LPC, LL.M, Pg.Dip, Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
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My mum is transferring a property in to my name from hers as

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Hi. My mum is transferring a property in to my name from hers as a gift. Are there any implications for me? How will it affect me?
JA: Where are you? It matters because laws vary by location.
Customer: Uk
JA: What steps have you taken so far?
Customer: My mum has signed a document to transfer the house to me. The document said there may be implications for me but they cannot advise me as I’m not their client. The house was my dads but he passed away in 2009 and it went to my mum
JA: Anything else you want the Lawyer to know before I connect you?
Customer: The house was bought off the council in 2009, and I will be looking to sell the house in about one year

Hi,

Thank you for your query. There is possible Inheritance Tax and/or Capital Gains Tax liability in respect of the property. You would be best served seeking advice from an accountant to ascertain your tax liability.

I hope this answers your questions. If so, kindly rate the answer and provide feedback.

If you have any further questions, please do not hesitate to ask.

Many thanks

Customer: replied 1 month ago.
Thank you. Apart from the inheritance tax (the property and my mums estate doesn’t pass the threshold) is there any other implications to transferring a house to my name?

Hi,

Just the Inheritance Tax and Potential Capital Gains Tax Liability.

Also, ince the house is in your name, you are no longer classed as a first time buyer.

As I have answered your original question, kindly rate the answer and provide feedback.

Your question will not close and I will be happy to answer any follow up questions.

Many thanks

Customer: replied 1 month ago.
Regarding the capital gains tax, The property would be my main property and I live in it. Also, it is a small two bed terrace house. So how do I know if capital gains tax would apply? Thank you

Hi,

It would apply when you dispose of or transfer the property. I would suggest you speak with your accountant for further details.

As I have answered your original question, kindly rate the answer and provide feedback.

Your question will not close and I will be happy to answer any follow up questions.

Many thanks

INC Law and 2 other Law Specialists are ready to help you