Will we have to pay tax if my parents give me their house? | Money | guardian.co.uk
Q I hope you can help me. I know I still need to seek legal advice but my solicitor tells me he is not an accountant.
My parents have bought another house and they want to give me the house we currently live in. At the moment I live with my parents, they are in their 70s I am 40. There are no mortgages on either house.
Will we have to pay capital gains tax or can my parents just give the house to me. I am not sure of correct terminology. My parents are not trying to break any laws but they have paid taxes all their lives and are trying to help me without it costing a fortune.
We in Northern Ireland, in case that makes any difference.
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