Tax implications

[Borntobeamum]

Looking for some financial advice really.

My parents own their own home but are getting to the stage where they may have to move onto their next chapter of life.

One option is to move in with us. We have space and it could be done with a few adaptations. They would pay for this out of their savings.

They would then sell this house and bank the money.

Can anyone tell me the downfalls or tax implications if this was the route they do down.

Thank you.
Hi,

You and they need to speak to an independent financial adviser. Nobody on here can tell you, as it depends entirely on how much in the way of money, pensions, investments and property they own (and to be brutal about it, sorry!) how much longer they are likely to live. Also to consider would be what would happen if one or other of them needed residential care - how would that be paid for?

You would also need to consider your own personal financial circumstances.

would happen if one or other of them needed residential care - how would that be paid for?

From the proceeds of their house in the bank, presumably.

Wouldn’t they be better to let their house and generate an income? That would yield more than most equivalent investments. Obviously there’s income tax to pay either way.