Hello! I'd appreciate any advise on the following simplified situation:
Jack and Jill (unmarried) are buying a house together for €200,000
Each will contribute €100,000 cash.
Jill has the cash in bank but Jack has to extract the cash from investments and is dealing with potential delays.
They are buying the house to live in together as their principal primary residence and they own no other properties.
To avoid delaying the purchase and the deal falling through, Jill goes ahead and buys the house herself for €200,000 cash.
Jack eventually gets access to his cash and pays Jill the €100,000 in order for him to be added to the title as 50% owner, tenancy in common.
I understand that Jack's purchase will be treated like any other purchase and will be subject to stamp duty, legal fees etc etc. and all transactions will be handled by a solicitor(s).
My question is about the €100,000 that transfers from Jack to Jill when he buys in.
The question: Will Jill be required to pay income or any other tax on the money for her sale of the 50% share to Jack?
Many thanks
PaulM.
Jack and Jill (unmarried) are buying a house together for €200,000
Each will contribute €100,000 cash.
Jill has the cash in bank but Jack has to extract the cash from investments and is dealing with potential delays.
They are buying the house to live in together as their principal primary residence and they own no other properties.
To avoid delaying the purchase and the deal falling through, Jill goes ahead and buys the house herself for €200,000 cash.
Jack eventually gets access to his cash and pays Jill the €100,000 in order for him to be added to the title as 50% owner, tenancy in common.
I understand that Jack's purchase will be treated like any other purchase and will be subject to stamp duty, legal fees etc etc. and all transactions will be handled by a solicitor(s).
My question is about the €100,000 that transfers from Jack to Jill when he buys in.
The question: Will Jill be required to pay income or any other tax on the money for her sale of the 50% share to Jack?
Many thanks
PaulM.