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CGT and Stamp Duty

  • 20-09-2010 3:46pm
    #1
    cubeland
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi

    I am new to this forum so I'd appreciate your patience if I am violating any guidelines. I have a question that I am hoping someone can help with

    Four years back, my wife and I sold our house, cleared the mortgage and used the remainder to build on a sizeable extension to my wy wife's parent's home. The house was always going to be left to my wife on the death of her father. Her parents are both still alive and live with us now. We should have gotten the house signed over to us before we put in any money but never got around to it. Four years later I'd like to do something about it now. I'm wondering though what are the tax/stamp duty implications of signing the house over to us now.

    Is there any way to factor in the amount of money we spent in the extension when calculating CGT and SD? The house is worth considerably more as a result of our investment


Comments

  • #2
    TaxingTimes
    Registered Users, Registered Users 2 Posts: 145 ✭✭TaxingTimes


    I think that you need to clarify the legal position before getting tax advice.

    However, I would guess that effectively you gave a "loan" to your wife's parents to the value of the extension, and if they transferred the house to you now, you would have liabilities based on the current value.

    You would of course, still be owed the amount of the loan from your wife's parents.

    This is just my general opinion, and you really need to speak to a Solicitor as mentioned above to clarify the legal situation.

    Also, do her parent's really want to transfer the house to you both? There could be other legal implications in this - would the agreement be that they would continue to live there - would it be a gift with reservations - again these are matters for a Solicitor.


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