title deeds transfer to daughter

[manxie]

hi nigel we hope to get our title deeds very soon and are transferring title deeds to our daughter as we are getting on in years it is all being done through an advocate will we be able to reclaim the ipt we have paid or must it be done before transferring as we hoped to do all in one go, also can we keep building and contents insurance in our name as we still intend to use as our holiday home thank you for all the hard work you do for members of cl best regards manxie

[Nigel-Howarth]

Hi manxie

As the property will be registered in the name of you daughter you will be unable to recover any IPT overpayments. So it would be best to delay the transfer until you have received the money.

If you plan to gift the property to your daughter I believe that she will have to pay Capital Gains Tax on the sale price achieved at some future date if she decides to sell - less any allowable expenses. You need to check this with your lawyer as I think the Capital Gains Tax exemption, which applies to the end of this year, is only applicable to properties that have been purchased.

Regards,

[ferret]

Manxie---Have you considered a trust. My understanding is that if you can put your property into a trust with your daughter as a reserve trustee you will deal with all the issues you mention. The property would pass to her upon your death much easier and without tax.

[ferret]

Sent a pm