Can I buy my parents house from them for �1 if they agree?

[spezza123]

Can I buy my parents house from them for �1 if they agree?

[spezza123]

thanks for that, just doing research into IHT avoidance. Any adice appreciated

[GuavaHalf]

Don't forget that when it comes to selling on the house capital gains tax WILL be based on the purchase price of �1 so the gain will be taxed on the whole value of the sale. (This is assuming that you do not live in the house)

[WoWo]

Great point GuavaHalf. Your better off getting them to sign it over.

[rekstout]

Remember for IHT avoidance purposes, if you parents sell or sign over your house then thay cannot remain in it whether paying tenants or not otherwise it will be seen as a clear avoidance tactic and you may still be liable.

[Canib]

Yes, but you may have to look into income tax issues. e.g. If the home is worth 100k, and you buy it for one, then it may be concluded that you made (about) a 100k profit and will have to pay tax on that as income. Look into that before commiting.

[Jamie Lewis]

Tell them I'll give them �2