My Old Landy said:
To be honest Stan, she could live there rent free and I would still make a profit when she moved on. My pension pot was all converted to investments when I turned 55 so I can do what I like with it. I would of course have to pay tax if I remove it so it probably won't happen!
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When the little cottage on the end of her two came up for sale a few years ago my, now deceased, sister bought it for her daughter and partner to live in - rent free, the tax question came when they took the plunge and she tried to sign over ownership to them as a wedding present. She then became liable for capital gains tax so she just cancelled the plan and just said that they can just wait until she departed life and all three cottages would go to them with no tax liability under the laws of inheritance.
 
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derwendolly said:
When the little cottage on the end of her two came up for sale a few years ago, my now deceased, sister bought it for her daughter and partner to live in - rent free, the tax question came when they took the plunge and she tried to sign over ownership to them as a wedding present. She then became liable for capital gains tax so she just cancelled the plan and just said that they can just wait until she departed life and all three cottages would go to them with no tax liability under the laws of inheritance.
Click to expand...

3 cottages is less than inheritance tax?:eek:.


J
 
derwendolly said:
When the little cottage on the end of her two came up for sale a few years ago, my now deceased, sister bought it for her daughter and partner to live in - rent free, the tax question came when they took the plunge and she tried to sign over ownership to them as a wedding present. She then became liable for capital gains tax so she just cancelled the plan and just said that they can just wait until she departed life and all three cottages would go to them with no tax liability under the laws of inheritance.
Click to expand...
If I did buy it she would also end up with it after my departure as my Mrs would let her have it :)
 
marjon said:
3 cottages is less than inheritance tax?:eek:.


J
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Yes. The little row of three - very old and very small - with a lot of money now needed to upgrade them for modern life. My sister had received advice as to how to divide up the inheritance in a way that benefitted my niece and her husband. I can't fill you in any further as I do not know the ins and outs of the arrangement.
For someone with a load of ready cash there is plenty of scope to make a real killing for themselves as the whole property is set in a large garden.
 
My Old Landy said:
To be honest Stan, she could live there rent free and I would still make a profit when she moved on. My pension pot was all converted to investments when I turned 55 so I can do what I like with it. I would of course have to pay tax if I remove it so it probably won't happen!
Click to expand...
And if you sell a second home you'll pay tax as we know only too well, having been stung when, whether or not my house was a second home when we were living in W's house, it was seen to be so. Bastids.:mad::mad:
Best of luck getting it sorted out if you decide to do so!:):).
 
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