Solicitor or accountant for advice on gift of family home.

[Foodie1]

Looking for advice as Parents want to give me their family home under the Tax rule of where you live there for at least 3 years, and then 5 years after their death. Looking for advice as to best adviser to speak to as wish to do this properly and avoid tax bill later in.

Who would be best professional to approach please?

 

[Brendan Burgess]

The tax issues are very clear, so I don't think you need specialist advice on the issue, unless you are planning something very complicated.

I don't know what "5 years after their death" refers to, so maybe the rules are not that clear.

I suggest you specify what you want to do on Askaboutmoney and you will be told if there is a problem with it.

After that, you need to go to a solicitor to put it into practice. Your solicitor (and most people on Askaboutmoney) might well advise your parents not to give up ownership of the family home while they are still alive.

 

[john luc]

I think the 5 years is relating to you selling the property in that period after receiving it from your parents. The Taxman will then ask for his cut.

 

[Foodie1]

Thanks Brendan/John
Yes there are other issues with the situation whereby I have siblings and want to make sure that it is done fairly and with everyones approval as dont want rows later on as often happens. I will consult a solicitor.

 

[Brendan Burgess]

I think the 5 years is relating to you selling the property in that period after receiving it from your parents. The Taxman will then ask for his cut.

I thought that, but it's 6 years and not five years. And he is talking about a gift, so their death doesn't seem relevant.

Brendan