Capital Gains Tax
#1
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Joined: Mar 2007
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Capital Gains Tax
Hi there,
Your advice appreciated.
My mother is Portuguese and lives in Portugal. My father is deceased. I'm British by naturalisation and my husband is English. Unfortunately, I don't speak Portuguese.
Several years ago, we increased our mortgage to help my mother buy a flat so she would have security of tenure. She paid two thirds of the price and pays us some money every month towards the mortgage.
However, to avoid any complications with property inheritance etc, the property was put in my and my husband's names. We gave her Power of Attorney and she arranged everything.
However, I have just realised that we would probably be liable for Capital Gains Tax in the future and wonder if it would be better for us to have the property put in her name and for her to make a will leaving it to us. We would most likely sell the flat.
Are there any other considerations we should take into account, such as if my mother needed long-term care?
Your advice appreciated.
My mother is Portuguese and lives in Portugal. My father is deceased. I'm British by naturalisation and my husband is English. Unfortunately, I don't speak Portuguese.
Several years ago, we increased our mortgage to help my mother buy a flat so she would have security of tenure. She paid two thirds of the price and pays us some money every month towards the mortgage.
However, to avoid any complications with property inheritance etc, the property was put in my and my husband's names. We gave her Power of Attorney and she arranged everything.
However, I have just realised that we would probably be liable for Capital Gains Tax in the future and wonder if it would be better for us to have the property put in her name and for her to make a will leaving it to us. We would most likely sell the flat.
Are there any other considerations we should take into account, such as if my mother needed long-term care?