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A very first world problem.
Mrs M and I are considering buying a property for a relative to live in. We will be paying most of the cost. Our intention is to have the property in all 3 names, as equal owners - are there tax implications for us or the relative?
Advice from accountants & lawyers is especially welcomed.
Posted : 16/08/2017 4:33 pm
Instant (non-expert) thoughts:
Stamp duty surcharge when you buy as it may be classed as a second home
CGT for you and your wife when you sell as it's not your main home
Council tax
Will the relative pay you rent? If yes, then income tax.
It's worth getting some proper advice - my in-laws own my BIL's house, and are planning to hand over their interest to Mrs North. So we'll have to consider the same issues.
Posted : 16/08/2017 4:59 pm