H
hazelcas
Guest
Hi,
hoping someone can advise me on the following. I have done a deal with my parents where they sign ownership of their house over to me and I pay half the value of the house to my sister. That way my sister gets half her inheritance now and can pay it off her own mortgage and I get to own my own home. My parents are also happy then that their children are both sorted financially. However by paying half the house value to my sister, no cash to my parents, when my parents sign-over the house to me am I going to get caught for huge tax?
Can someone please advise me what tax I and my parents are going to be liable for when we change ownership of the house and what are my options to minimise the tax liability?
Thanks.
hoping someone can advise me on the following. I have done a deal with my parents where they sign ownership of their house over to me and I pay half the value of the house to my sister. That way my sister gets half her inheritance now and can pay it off her own mortgage and I get to own my own home. My parents are also happy then that their children are both sorted financially. However by paying half the house value to my sister, no cash to my parents, when my parents sign-over the house to me am I going to get caught for huge tax?
Can someone please advise me what tax I and my parents are going to be liable for when we change ownership of the house and what are my options to minimise the tax liability?
Thanks.