9:24 AM, 31st July 2020, About A year ago 11
A friend wants to gift his own residential property to his son and move into a property he has been renting out. The son, however, has some issues and is not willing to accept the gift of the property for the time being.
The friend is contemplating gifting the property to his brother, who would move in and reside in the property as his main residence and at a later stage gift it to his nephew when the latter is ready.
There are no family issues and the matter is straightforward and agreed between the brothers. Can anyone, however, see any financial aspects that may be a problem?
Since it is a residential property there should be no CGT liability when gifting to the brother. There is no mortgage on the property, hence no stamp duty arises.
Similarly, since the brother will be residing in the property no CGT or stamp duty should arise at the second transfer from brother to nephew.
Or is something being missed?
All comments welcome and greatly appreciated.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|