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yancey
Apprentice
Joined: 24 Jul 2007
Posts: 9
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 Posted: 01/05/08 - 07:10 Post subject: |
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| Hi there! My parents own a big family house in the city. Now, when my sister and I have moved away, the house is too big for them. So, they would like to sell it to me or my sister and move to their country house. Can you please tell me what taxes do we have to pay when buying parents house? Thank you. |
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delmar
Apprentice
Joined: 20 Jun 2004
Posts: 8
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| Posted: 02/04/08 - 02:23 Post subject: |
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| Hello! I am not sure what are the tax implications when you buy your parents’ house, so I don’t know if I can be of any help to you. Basically, it depends on the price they will offer to you. In general, they are eligible for the CGT. But they can be exempt from that if the house we’re talking about is nominated as their principal private residence. In that case, they will get some relief. I don’t know what would happen if they sold you the house below its market value. Now, you didn’t say anything about this but, in case your parents don’t need any cash, and they just want to get rid of the house, all they have to do is to give it to you as a gift. That way, they won’t have to pay any taxes. All they have to do is to report the transaction on a special gift tax form. But, in any case, I advise you to see a solicitor. He will give you proper information on everything. Good bye! |
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