Advance on inheritance

[bunnykop]

Hello all,
I'm a first time poster so please excuse me if this has been discussed in detail in another post.

I own and live in a 2 bed apt value approx 250k.
My father wants to give me an advance on my inheritance.
He has an 'investment' that he bought for 800k and is now prob only worth about 600k. It is not his PPR so is it right to presume there is no CGT as there was no gain made?

Anyway, he wants to give that to me. I am just wondering what the implications are. Perhaps a 'house swap' is a possibility with my apartment as i am not working at the moment and would like to just move my mortgage to the larger property. And it would suit him to take the apt.


But i would like to get some information on what is possible etc before i take expert advice. I would be liable to stamp duty but my calculations are as follows. Do they make sense or am i just a wishful thinker? It is just a fantastic opportunity for me.

To calculate stamp duty:

Property value 600k
Less Stamp - 125k
less CAT/Gift - 414k (no pay stamp duty on an inheritance, correct??)
------------------
Stamp 61,000
Stamp @3.5% due to consanguinity

Stamp duty due 2,135 for me

And for my father, 3.5% on 125k as he not a first time buyer and consanguinity relief is applied.

Thanks,
Bunnykop

 

[bunnykop]

Oh also i bought the apartment for more than it is currently worth 3 yrs ago so i exepect would not have to pay CGT as it was my PPR and it has decreased in value. I want to avoid paying CAT @25% if i can, if my calculation is correct, would i also have to pay CAT on 61k @25%?

 

[mercman]

no pay stamp duty on an inheritance, correct??

No stamp duty between blood relatives in payable at half the normal rate. Inheritance does not move the psyment of stamp duty.

I think you would be best getting the correct expert opinion rather than seeking direction on an open forum. Many people are doing realignment of theior assets at present due to the drop in values. However, I would suggest you move fast before the forthcoming budget changes all these matters.