If a widowed parent owns a £500k house and becomes tenants-in-common with a child, say in the ratio 1% to 99%
a) Roughly how much does change in ownership cost and is that the only cost involved?
b) Would there be any inheritance tax to pay when the parent dies?
Hey Dan. IHT depends on what else there is in the estate for tax purposes – and that’s probs beyond the scope of a short post! Gifting the family home during lifetime to a child is an unusual step because of the risk to the surviving parent. It can be done but the parent is likely to be given a stark warning by any lawyer acting in the gifting process. Does that help? Thanks so much for reaching out. Best wishes – Team Qlaw!