Dear Sir/Madam,
I would be very grateful if you could shed any light into my query below:-
My current position
- I have No WILL setup.
- I have No Living Trust setup.
- I have Never given Gifts.
I owned 3 properties, which are now mortgage free.
Property A – (1997-Present Date)
- Purchased 1997, and now it is mortgage free.
- Current market values approx. £780,000.
- JOINT TENANTS with my mother.
- My mother’s ONLY primary residence and she pays all the bills.
Property B – (2004-Present Date)
- Purchased 2004, and now it is mortgage free.
- Current market values approx. £430,000.
- SOLE ownership in my name.
- My brother’s ONLY primary residence and he pays all bills.
- No Rent is payable by my brother.
Property C – (2011-Present Date)
- Purchased 2011, and now it is mortgage free.
- Current market values approx. £310,000.
- SOLE ownership in my name.
- My ONLY primary residence and I pay all bills.
Questions/Queries
I would like to transfer/add/gift, Property B above, to my brother’s name. Moreover, if I exceed the nil rate band, I will be liable for Capital Gains Tax, and/or my brother will be liable for Inheritance Tax, and/or Gift Tax.
Hence, what are my viable options to MINIMISE/AVOID taxes, i.e.
· What if I, remove my name, and add my brother’s name to the title deeds?
· What if I, retain my name, and add his name to the title deeds?
· What if I, make a gift to my brother, and providing I live for 7 years?
…etc.
Any help/advice, specific to my scenario above, together with any arrangements/measures, would immensely be appreciated.
Looking forward to hearing from you.
Many thanks,
Khan
I would be very grateful if you could shed any light into my query below:-
My current position
- I have No WILL setup.
- I have No Living Trust setup.
- I have Never given Gifts.
I owned 3 properties, which are now mortgage free.
Property A – (1997-Present Date)
- Purchased 1997, and now it is mortgage free.
- Current market values approx. £780,000.
- JOINT TENANTS with my mother.
- My mother’s ONLY primary residence and she pays all the bills.
Property B – (2004-Present Date)
- Purchased 2004, and now it is mortgage free.
- Current market values approx. £430,000.
- SOLE ownership in my name.
- My brother’s ONLY primary residence and he pays all bills.
- No Rent is payable by my brother.
Property C – (2011-Present Date)
- Purchased 2011, and now it is mortgage free.
- Current market values approx. £310,000.
- SOLE ownership in my name.
- My ONLY primary residence and I pay all bills.
Questions/Queries
I would like to transfer/add/gift, Property B above, to my brother’s name. Moreover, if I exceed the nil rate band, I will be liable for Capital Gains Tax, and/or my brother will be liable for Inheritance Tax, and/or Gift Tax.
Hence, what are my viable options to MINIMISE/AVOID taxes, i.e.
· What if I, remove my name, and add my brother’s name to the title deeds?
· What if I, retain my name, and add his name to the title deeds?
· What if I, make a gift to my brother, and providing I live for 7 years?
…etc.
Any help/advice, specific to my scenario above, together with any arrangements/measures, would immensely be appreciated.
Looking forward to hearing from you.
Many thanks,
Khan
