Transfer of ownership of house...tax implications?

[madmum]

Hi all
My parents own two houses at the moment - one which they live in, and one which I've lived in for three years with my wife and children. They bought both these houses over twenty years ago. They were thinking about transferring this house over into my name.

What I'm wondering is, if we move within the next few years would we have to pay anything back tax-wise? For instance, if the house went up in price within the next few years (as most houses do) would we have to pay anything back on the sale of the house?

FYI - we are "first time buyers" never bought a house of our own and I'm not sure if that affects anything at all from a tax point of view?

Thanks in advance!

 

[Domo]

There are 2 potential tax implications here:

On the transfer of the house from your parents there may well be a Capital Gains Tax liability.

If you sell in the future, you may have a Capital Gains Tax liability on the profit from the date of transfer to you to the date of sale by you.

You shold seek professional advice if you want to clarify matters.