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bigduckontax, Accountant
Category: Tax
Satisfied Customers: 7059
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I remortgeged the house I live in last year to enable me to

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Hi, I remortgeged the house I live in last year to enable me to buy a second home outright for my autistic son to live independantly in. I am now going to downsize me home and will have no mortgage once completed. I therefore want to now sign over my sons home to him (will stop me incurring stamp duty on my next purchase if I have one home). My son is on benefit and I dont believe owning a home affects his benefit but are there other tax issues I should consider for oth myself/my son
JA: Have you talked to a tax professional about this?
Customer: not yet
JA: Anything else you want the Accountant to know before I connect you?
Customer: im not sure, I dont think so

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

Is the property your son occupies registered with the Land Registry?

bigduckontax and other Tax Specialists are ready to help you
Customer: replied 4 months ago.
it is (i believe) - it is an old terrace house built in 1900

You can use a Land Registry Transfer for a modest fee. That is the quickest and easiest way using their form.

I think from long that you will find it easier to ring me. I am on 01750 725420, but please not for half an hour.

I think we covered everything in the telephone call.

You will be liable to Capital Gains Tax (CGT) on the notional gain made on disposal. This will be the difference between the acquisition price plus costs plus improvements and the current market value as at the transfer date. You have a non cumulative Annual Exempt Amount (AEA) currently 12K, to offset this gain and from what you said it will probably be minimal anyway. CGT is at 18% or 28% or a combination of the two rates depending on your income incliding the gain in the tax year of sale.

Thank you for your support.