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 Sam Your Own Question
Sam, Accountant
Category: Tax
Satisfied Customers: 7544
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
Type Your Tax Question Here...
Sam is online now

I am thinking of purchasing my sons flat that is rented out

Customer Question

I am thinking of purchasing my sons flat that is rented out and as I am 65 years old can I pass to my granddaughter 6 and grandson 4 without attracting tax etc??
Submitted: 4 years ago.
Category: Tax
Expert:  TonyTax replied 4 years ago.

Can you tell me what the thinking behind this plan is please. Will you be paying the full market value for the flat? If not, how much will you be paying? How much is it worth? Will the flat continue to be let?
Customer: replied 4 years ago.

Full market value £100k /£120k. The market value it will continue to be let and money to me



Expert:  TonyTax replied 4 years ago.

I note that you will be receiving the rent. When would it be your intention to gift the property to your grandchildren or would you leave it to them in your will? Can I ask what your net wealth is please? Would you be buying the flat for cash with no mortgage?
Expert:  TonyTax replied 4 years ago.
Hi again.

I see that you have read my answer to your question. If you need further clarification please let me know. If not, would you kindly rate my answer so that I get paid for my work. Thanks.