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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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Please. I have an elderly friend who has told me she would

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Please.
JA: Have you talked to a tax professional about this?
Customer: I have an elderly friend who has told me she would like to transfer her house to me, what are the tax implications
JA: Anything else you want the Accountant to know before I connect you?
Customer: no

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

Thank you for your question.

If your elderly friend wishes to transfer the house to you for no consideration, it would be deemed a gift to you.

You as a recipient of gift receive it free of any taxes as there is no gift tax in the UK.

If the property is your elderly friend's only property and her main residence, then there would be no capital gains tax implications as the gain would be covered by private residence relief.

Your elderly friend should be mindful of inheritance tax implications. Transfer to her house to you for no consideration would be treated as a potentially exempt transfer for IHT purposes and seven year rule applies. If she survives for seven full years from the date of the gift, the gift is excluded from her estate for IHT purposes.

More information on gifts and Potentially exempt transfers is covered here

https://www.which.co.uk/money/tax/inheritance-tax/inheritance-tax-planning-and-tax-free-gifts-aw1mb2n7snwx

My aim is to give you a professional service. I hope this is helpful and answers your question.

Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave JA today. If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

 

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Customer: replied 5 days ago.
Just to advise you this transaction is in Northern Ireland.Can she sell the house for a under value price and can I allow her to remain in the house
Customer: replied 5 days ago.
Can I call you after 5pm

Thank you for your reply.

Yes you can call me after 5pm...

Many thanks

Customer: replied 5 days ago.
Thank you I will call after 5pm

If you wish me to answer your phone call, then request that at the time.

Many thanks

Customer: replied 5 days ago.
What is your contact name

Ask for taxadvisor.uk.... this is my ID on this site.

You can send me a message on this thread first before requesting a phone call

Many thanks