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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 6630
Experience:  FCCA FCMA CGMA ACIS
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Bit of a long one. But my mother in law passed away and my

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Hi bit of a long one. But my mother in law passed away and my wife and bother will be signing her house over to my brother in law and he will then remortgage the house for 82000 pound which will be paid to my wife. Is that ok or does there need to be paperwork and tax for that amount of money?
Assistant: Since estate law varies from place to place, can you tell me where this is?
Customer: Stevenage
Assistant: What documents or supporting evidence do you have?
Customer: I'm guessing nothing, the house will be signed in my brother in-law name
Assistant: Anything else you want the lawyer to know before I connect you?
Customer: That is all thank you just if 82000 pound can be paid within paperwork and if there are taxa due

Hi, my name is ***** ***** I am a Chartered Tax Advisor. I am reviewing your query and will reply shortly.

Customer: replied 8 days ago.
Thank you. We was told that it would be ok by a mortgage advisor. I am very wary that someone can't just transfer 80000 pound just like that with nothing backing it up.

Sorry I am not going to have time to provide you with a reply to you today so I will opt out to allow another expert (with more time on their hands!) to comment

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question. I see that my colleague has opted out.

I am confused. You say that after your Mother in law's decease her house is passing to your brother in law. How then does your wife get involved receiving 82K?

Customer: replied 8 days ago.
The house was going to be singed to both of them, but we have been told if we sign it into my brother in-law name it would be easier and cheaper. Then he can remortgage and transfer the amount they agreed on.? I wonder if this can be done this way

Got it,;I do not see any problem, as far as I can see the mortgage deed value will be below the Stamp Duty Land Tax (SDLT) threshold.

Customer: replied 8 days ago.
Ok. Thank you but just to double check. My brother in-law will be ok within the law and taxs to transfer 80,000 pound to my wife with no paperwork (because my wife has none) to prove why this money has been transferred?

I would suggest that a written note of the transfer and its reason be maintained to head off any possible, but unlikely, inquiries.

A cautionary tale: my late ex Father in Law [Eddie] received a string of letters from the Inland Revenue as it was then asking if he had declared all his income for tax. After a bit he wrote back saying that he was not very good at guessing games and would that Department come to the point. It transpired that another party had told the taxman that Eddie had given him a large sum of money. Absolutely correct, Eddie had been the executor of yet another person's will! Moral, a paper trail does no harm!

bigduckontax, Accountant
Category: Tax
Satisfied Customers: 6630
Experience: FCCA FCMA CGMA ACIS
bigduckontax and other Tax Specialists are ready to help you
Customer: replied 8 days ago.
Ok thank you. We do need a sign a written note of transfer so it seems like all will be ok. Thank you for your help much appreciated

Delighted to have been of assistance.

Thank you for your support.