Query re CGT, inheritance tax etc

[cookie1]

Got a query re CGT, inheritance tax etc.

Here’s the situation:
my parents built a second home some years back, they held onto the original family home and rented it out. Now they want to pass it onto my sister and myself and let us pay off our mortgages. I’m a homeowner in Ireland while my sister owns a house in England.
What’s our best option, Should we put the house in our names and then sell it or let my parents sell it and pass the money onto us, what are the tax implications etc???

 

[Nige]

there is no real benefit to putting the property into you and your sister's names first and, as transferring property leads to stamp duty, legal fees and all that, it would be simpler for them to sell the house and give you the proceeds.