Property Transfer to Heir

[pissouriabc]

Hi Nigel
My late husband left his half of our apartment to my daughter in his Cypriot will. I know buyers have to pay a transfer fee. We are going through probate at the moment but we are wondering if there my daughter or my husband's estate will have to pay a transfer fee?
Thank you for your help

[Pantheman]

Hi Nigel
My late husband left his half of our apartment to my daughter in his Cypriot will. I know buyers have to pay a transfer fee. We are going through probate at the moment but we are wondering if there my daughter or my husband's estate will have to pay a transfer fee?
Thank you for your help

Gifting from Parent to child, there are no transfer fees nor CGT.

Transferring to Heirs, is no transfer fees.

Sorry to hear about your husband.

[pissouri123]

Very helpful information.

[pissouri123]

Hi
One further question: can the probate costs for cy will to be executed be offset against capital gains tax when the property is sold please?

[Pantheman]

Hi
One further question: can the probate costs for cy will to be executed be offset against capital gains tax when the property is sold please?

No, probate is to allow the administrator to sign on behalf of the deceased. Once sold it is as if the deceased is selling it.

Any capital gains tax will be due. You should also note that the deceased does not get any allowance against any CGT as a living person would.

[pissouri123]

Again, thank you so much.