Property News · September 5, 2012

Can a property be sold at a discount to a family member?


Q My mother inherited my brother’s house when he died four years ago. It has been empty since then as she lives in her own house, which she owns outright. She now wants to sell my brother’s house to a family member for an amount significantly lower than the estate agent’s valuation. Are there any legal reasons to prevent her from doing this, and what are the tax implications to herself and the family member? GWA Your mother can sell your brother’s house to whomever she likes and for whatever price she chooses – there are no legal reasons to prevent her from selling at a heavily discounted price to a family member. As far as tax goes, she may have to pay capital gains tax (CGT) when she disposes of the property as she has not used it as her home. Continue reading…

Source : theguardian.com
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