kerrybiffo
Registered User
- Messages
- 15
Hi
three years ago my wife and I sold our main residence and cleared our mortgage. We used the remainder of the money to build onto my wife's parents house and moved in with them. The house is ours now but we never legally transferred ownership from her parents to us.
My question now is what is the most tax efficient method of transferring the property to our name. I understand that it is possible for a parent to transfer the main residence to a child with no CGT implications. In that scenario, is stamp suty still payable ? How do I calculate how much is outstanding ?
Is there any method for offsetting the money we spent in building onto the house against the CGT & Stamp Duty payable ? Or can we have the CGT & Stamp Duty bills calculated on the original value of the house ?
Would really appreciate any help on this
three years ago my wife and I sold our main residence and cleared our mortgage. We used the remainder of the money to build onto my wife's parents house and moved in with them. The house is ours now but we never legally transferred ownership from her parents to us.
My question now is what is the most tax efficient method of transferring the property to our name. I understand that it is possible for a parent to transfer the main residence to a child with no CGT implications. In that scenario, is stamp suty still payable ? How do I calculate how much is outstanding ?
Is there any method for offsetting the money we spent in building onto the house against the CGT & Stamp Duty payable ? Or can we have the CGT & Stamp Duty bills calculated on the original value of the house ?
Would really appreciate any help on this