question on capital gains tax.
- From: "S S" <nonsense@xxxxxxxxxxxxx>
- Date: Fri, 29 Jun 2007 20:31:33 GMT
We bought inlaws house a few years back although kept in their name and
willed to us on death.
MILaw died leaving house to F in law but still willed to us.
F in law now in hospital, stubborn git would never change the tiltle deeds
although house was willed to us. There is every chance he will not get out
of hospital or with limited mobility requiring carers and hihly unlikely in
his own house ,so with reluctance got him to now gift the house to us just
in case he requires nursing support and then they would sell the house to
fund it. We knew before this was gifted that this leaves us liable for
capital gains tax but thought this was the safest option under the
circumstances.
The house will be gifted to us (wife) next week, is there any course of
action after that we could use to limit the capital gains tax on the
house,or a way to get around the problem, he would only gift to my wife and
not both a separate half.
Any advice or help would be appreciated.
thanks
.
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