Will or gift

[redmro]

Hi there unfortunately my sole remaining parent is close to the end of his life. I am the only remaining sibling (adult paye worker living elsewhere) and my father wants to leave his home to me. The house in question is the family home where we grew up and is owned outright by my father. My question is what is my tax liability on the property should i inherit it after his death? Would this be less if he gifted it to me whils't still alive, and as my intention would be to keep the house, maybe for one of my own family, what else would i be liable for? Tks.
Ps current value of property approx 220,000

 

[j26]

Sorry to hear about your father. If it's in any way imminent, don't be worrying about this sort of stuff.

Gifting it now may mean Stamp Duty (1%) and CAT (exempt up to 225,000, 33% thereafter - if the property is worth 220,000, it does not seem CAT would apply)

Waiting to inherit would mean CAT only, if applicable (again, it seems none).

However, the threshold for exemption has been falling rapidly, and the rate has been going up. It may work out cheaper to cough up the Stamp Duty now than encounter higher CAT rates and/or lower thresholds when your father does eventually pass on.

Other charges will be Property Tax and the NPPR charge, and general maintenance of the property. House insurance will be a problem if it is to be left empty for a period of time.

 

[redmro]

Thanks very much for taking the time to respond,you have put my mind at ease.I was terrified that i was going to inherit something and suddenly owe the revenue 60 or 70 thousand which i don't have,for something i don't particularly want. Thank you again redmro