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Hi all, hoping for some legal advice about transferring equity between siblings (Scotland).
My sibling and I inherited a delapidated property around 10 years ago (when I was 14). Recently, I have fixed up the property to a liveable condition. The deed is still split between us, but my sibling has no interest in the property and doesn’t want to be compensated for the transfer of equity (he wishes his name wasn’t on the deed, so that I own my house outright).
Is there a way to complete this transfer without it being subject to gift tax? It seems ridiculous that now we would be subject to around £20,000 gift tax on something which he wishes he hadn’t inherited.
Appreciate any advice.
My sibling and I inherited a delapidated property around 10 years ago (when I was 14). Recently, I have fixed up the property to a liveable condition. The deed is still split between us, but my sibling has no interest in the property and doesn’t want to be compensated for the transfer of equity (he wishes his name wasn’t on the deed, so that I own my house outright).
Is there a way to complete this transfer without it being subject to gift tax? It seems ridiculous that now we would be subject to around £20,000 gift tax on something which he wishes he hadn’t inherited.
Appreciate any advice.
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