I live with my parents and part own the property with them, as this is a business as well. They have retired from the business. They wanted us to buy them out of the house and business and we couldn’t at the time raise the money. A family member has offered to give us the money to buy them out. Now the parents are saying it’s not that straightforward, as they would have to gift it to me, and it’s very complicated. The money has gone into their account. Is this as complicated as it sounds, and what tax implications would there be if they sell it to us or gift it to us? 

Arthur Weller replies:  

It seems that your question is firstly a legal question, and (when that has been settled) secondly a tax question. Simply put, if they sell to you, there could be capital gains tax implications for your parents and stamp duty land tax implications for you. If they gift to you, there are also inheritance tax implications for your parents, and by extension, for you.