Would owning a property affect my benefits?

milmand

Bubbles40 thank you so much ❤ I've googled for days and could find nothing but then I came across your post and wanted to know how it worked for you I am so pleased it worked out and you and your daughters are settled . I also felt it would improve many of my MH problems and stress and anxiety not having to live in London anymore and the fact that my dad has the opportunity to also allow us to  benefit from our inheritance is a once in a lifetime offer . As my dad said I've already paid enough  tax whilst earning what I've worked hard for why should I give them another 40%  , me and your mum lived a fantastic life and I've more than enough to live on we want to make it easier for you all life is too  short , I feel truly blessed . I wish you and your girls many more happy years in your home xx

woodbine

calcotti said:

woodbine said:

Topkitten said:

It will certainly affect your benefits and also it would exceed the amount of transferred money that parents are allowed to give to their children so most likely would be subject to Capital Gains Tax or whatever it's equivalent is called. I don't know how much of an effect it would have nor how much tax it might be. We do not live in a country that let's people help their children very much and the blame for that is on the rich that tried to avoid tax in the past.

TK

This isn't quite correct, why do you think there might b CGT issues ?
The OP's dad is allowed to buy his son a house, and if the dad lives for another 7 years there wouldn't even be IHT issues.

That post is three years old! Poster was last active in November. (The problem with new queries tacked on the end of old threads.)

My mind has been elsewhere today  

milmand

Woodbine don't feel bad I wouldn't normally join onto an old post but I'm new and it was the only way I knew how to contact bubbles, I didn't realise we weren't allowed to ask on old threads my apologies everyone 

woodbine

@milmand that's no problem at all.

calcotti

milmand said:

Woodbine don't feel bad I wouldn't normally join onto an old post but I'm new and it was the only way I knew how to contact bubbles, I didn't realise we weren't allowed to ask on old threads my apologies everyone 

Of course you can add to old posts and quite understandable that you did so in this case.
However what often happens then is that when we see the new post we read the whole thread from the start and then end up replying to earlier posts without noticing that they are very old. I started drafting quite a long reply to one of the posts early on in this thread yesterday but spotted it was old just before I posted.

autistic_and_feisty

@bubbles40 we have found ourselves in a similar situation. Can I ask - did you speak to a solicitor to clarify? We are married and disabled and live in a family home, owned by my husband's parents. We are lucky that that have offered to transfer ownership to us. They want us to have security and it is unlikely that we'd get approved for a mortgage with our income and disabilities