Hello everyone! It's been a long time since I last checked these forums - almost eight years now. Back then of course I was looking at my options for starting my life as a young adult... heh, things definitely didn't go as I'd intended but that's life, huh? Anyway, for the past seven years I have been able to live semi-independantly, and for the past two years I've lived by myself (or with a room-mate) and held down several steady, part-time jobs to make ends meet.

However my family has a small dilemma and I'm hoping that we can get some light shone onto it regarding what to do.
A couple of years ago my Dad was living in the UK and sold his house North of London - just before the new tax rules came in regarding seperated couples owning more than one property, thereby avoiding a 40% Capital Gains Tax. Now (due to the poor exchange rate at the moment) we are looking at using the money in the bank to buy a new property, but the idea is to avoid paying Capital Gains tax in the event that we sell it in future. The question is - if a father were to finance buying a house with money in the bank and then the house were to be put into my name instead, would there be any Capital Gains tax in the event that I sold that property? Furthermore would there be any tax on the purchase itself, such as an 'inheritance tax' or anything like that?
Right now we are just looking at our options and would appreciate any helpful insight. I would likely live in that property and pay the associated Council tax and bills, with jobseekers' allowance to start while I look for work in and around the area where we purchase a property.

Thanks!

When our son moved back last year we gave him money to buy a house in his name, rather than us buying it for him and paying the higher rate of stamp duty as we already own a house.

Since he had never owned a house either here or in the USA he was a first time buyer and paid no stamp duty at all. The money we gave him will not attract any inheritance tax provided we live for another 7 years.

https://www.gov.uk/inheritance-tax/gifts

“The 7 year rule. If there's Inheritance Tax to pay, it's charged at 40% on gifts given in the 3 years before you die. Gifts made 3 to 7 years before your death are taxed on a sliding scale known as 'taper relief'. Gifts are not counted towards the value of your estate after 7 years.”

Be aware you will not be entitled to benefits if you have not been living in the UK.