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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 7677
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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This is a UK tax question. My mother sold a property which

Customer Question

This is a UK tax question.
My mother sold a property which she was NOT living in. I (the son) will be receving some of this money, which is currently in her bank account. My mother was going to do a PET to me. However recently she has said that she would like to sell the house she lives in and buy the flat that I live in. I am happy for this to happen as I would like to live in a house. What is the most tax efficient way to do this.
When the tax advisor gets in touch with me I can go into more details and mention actual figures involved
Submitted: 12 days ago.
Category: Tax
Expert: replied 12 days ago.

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

Expert: replied 12 days ago.

Thank you for your question.

As both parties are selling what is their main residence there will be no capital gains tax payable as gain would be covered by private residence relief.

If she is funding any deposit for the house you wish to buy in the gift of a gift then that sum would be PET.

You should be mindful HMRC would deem sale of flat to your mum at open market value for CGT purposes.

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

If you need more assistance, please use thereply box below and let me know. It has been my pleasure to assist you withyour question.

Expert: replied 12 days ago.

Hi there

Just checking to see if you need me to clarify anything or if you have any additional questions - I am happy to help!

Many thanks