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Capital gains tax from house sale

Discussion in 'Welcome and how to use Dementia Talking Point' started by C1rol123, Sep 20, 2019.

  1. C1rol123

    C1rol123 New member

    Sep 20, 2019
    1
    Hi my uncle has dementia and is in a care home. I am his lpa and selling his property to fund his care. My uncle put me on the deeds of the property a few years back when the plan was for me to move in with him when my kids finished their education to care for him which now won’t be possible due to his care needs. I don’t want to financially gain from his property but my solicitor has advised I must take 50% of the profit. I don’t want to take my uncles money then pay capital gains tax then have to give it back because of deprivation of assets. Can I refuse to take my legal share of the house sale? Would I need to inform HMRC? I am so confused. If any one can advise I would really appreciate it.
     
  2. nitram

    nitram Registered User

    Apr 6, 2011
    19,035
    Male
    North Manchester
    Don't worry about deprivation of assets, my understanding of your post is that your uncle gave you a half share in his house before there was any indication he would need residential care.

    Regarding capital gains tax, it may not be as high as you imagine, take the money as a gift from your uncle.

    Later on, if your uncle becomes LA funded, you will have the opportunity to pay any voluntary top up.
     
  3. Louise7

    Louise7 Registered User

    Mar 25, 2016
    1,233


    It seems that the half share was given on the basis that the OP would move in to care for the uncle at a later date. It's not clear what the actual position was, but if the uncle already had a diagnosis of dementia at the time of the transfer wouldn't the local authority potentially still consider this as a possible deprivation of assets due to a foreseeable need for care at the time the asset was given away?
     

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