Inheritance tax??

touchwood

Hi guys, hoping someone can shed some light on this please, my elderly fatger wants to sign over hes house to hes 5 adult children. We all have out own homes etc. He lives alone. He still lives there and will continue to do so. He is in good health. What if any would the tax liabilities be. It is a modest terraced house approx 325k. Any help would be appreciated.

splinter65

touchwood wrote: »

Hi guys, hoping someone can shed some light on this please, my elderly fatger wants to sign over hes house to hes 5 adult children. We all have out own homes etc. He lives alone. He still lives there and will continue to do so. He is in good health. What if any would the tax liabilities be. It is a modest terraced house approx 325k. Any help would be appreciated.

There won’t be any tax liability consequences to any of you in this case.

touchwood

splinter65 wrote: »

There won’t be any tax liability consequences to any of you in this case.

Great thank you.

Calahonda52

touchwood wrote: »

Hi guys, hoping someone can shed some light on this please, my elderly fatger wants to sign over hes house to hes 5 adult children. We all have out own homes etc. He lives alone. He still lives there and will continue to do so. He is in good health. What if any would the tax liabilities be. It is a modest terraced house approx 325k. Any help would be appreciated.

What happens if he needs nursing home care, or is the thinking to avoid making the contribution: there is a number of years clawback IIRC: I never advise this strategy unless the parent(s) are self sufficient for homecare/nursing home etc.
Also with 5 kids, best to sell it when he sheds his mortal coils and divide the cash.

Also tax issues for him living in a rent free house, may impact his pension....

splinter65

Calahonda52 wrote: »

What happens if he needs nursing home care, or is the thinking to avoid making the contribution: there is a number of years clawback IIRC: I never advise this strategy unless the parent(s) are self sufficient for homecare/nursing home etc.
Also with 5 kids, best to sell it when he sheds his mortal coils and divide the cash.

Also tax issues for him living in a rent free house, may impact his pension....

Giving away his money won’t affect his entitlement to a state pension. I can’t see any tax implications for him either.
The Fair Deal issue will only come up after he dies.

Calahonda52

splinter65 wrote: »

Giving away his money won’t affect his entitlement to a state pension. I can’t see any tax implications for him either.
The Fair Deal issue will only come up after he dies.

Is he not living rent free in a house he now longer owns.
What about a Non Con Pension

Re FD
http://www.citizensinformation.ie/en/health/health_services/health_services_for_older_people/nursing_homes_support_scheme_1.html#l1f4da

Income and assets
Income includes any earnings, pension income, social welfare benefits or allowances, rental income, income from holding an office or directorship, income from fees, commissions, dividends or interest, or any income which you have deprived yourself of in the 5 years leading up to your application.

splinter65

I would be surprised if this gentleman is a Non Con pensioner