Gifting Property

Hi MAP,
If the house is not your main residence then yes capital gains will be due on you.
Thank you.

Hi hotchopper,
HMRC does not give advice on how to pass on your own property, money, and possessions. There are several routes you can go down if you want to transfer property to family members. The types of transfers you can do, property transfer costs, and the different taxes you might have to pay all depend on a variety of things. We would recommend you take legal advice to decide on the best option. 
Thank you

If I and my wife were to transfer 50% of the ownership of our home to our children, with all of us co-habiting, what requirements would there be in terms of obligations regarding household upkeep and expenses to avoid being deemed to have made a gift with reservation.

Hi My daughter is 20 and studying in the Netherlands since 2022. My husband and I want to buy a flat for her in the UK in her name. Is this subject to UK tax for her or us? Many thanks

Hi, A family friend is going to gift me a property they have recently bought. What are the tax implications for this, if any? Thanks

Hi
HMRC does not give advice on how to pass on your own property, money, and possessions. There are several routes you can go down if you want to transfer property to family members. The types of transfers you can do, property transfer costs, and the different taxes you might have to pay all depend on a variety of things. We would recommend you take legal advice to decide on the best option. 

  

Hi
Please refer ot guidance at How Inheritance Tax works: thresholds, rules and allowances

Hi
It will be your daughter who is liable for any income generated from the flat.

Hi, I have recently sold my property that I jointly owned with my husband. We are non-UK resident and non-UK Citizen. The property was purchased in 2007 as our main residence. However, we have left UK since 2011 and the property was rented out since 2012. My husband gave the property to me (without any declaration of trust) and I have used the rental income to pay for all outgoings. Since the property is now sold and 100% of the sale proceeds received by me only, please kindly advise on filling the Non-UK Resident CGT? 1) Should I file 100% of the sale proceed for Non UK Resident CGT? 2) Or should I file as 50/50 split between me any husband? (Please note my husband did not receive the sale proceeds as he intend to give the sale proceed to me since all the outgoing of the property was paid by me) 3) If I file 100% of the sale proceed for Non UK Resident CGT, does my husband need to file for Non Resident CGT too if he did not receive any profits from the sale? Thank you.

Hi Smallbear,
As the beneficial owner of the property and being non UK resident, you will need to report the disposal of the property, within 60 days of the completion date, to avoid penalties and interest. There is a calclator at Tax when you sell property, to help you work out if there is a taxable gain.  
There are also links that lead on to registering and reporting the disposal online and how to request a paper version of the return form.  
Help sheet HS283 (HS283 Private Residence Relief (2024)) will help you work out you private residence relief.
Thank you.

Hi, Thank you for your reply. I understand that I have to file the Non-Resident CGT within 60 days. However, I am not sure if I should file the return as 100% of the sale proceed received by me or do I need to report 50/50 split though 100% of the sale proceed received by me? If I need to file as 50/50 return, is there a column on the form that define the split? Thank you.

Hi,
You need to file in respect of your split and the form gives you the option to show the amount of split held.
Thank you.

Hello, I am 50% Joint Tenant in a flat with my sister - I wish to gift her my 50% share. The flat is mortgaged. Is she due SDLT or not? At I due CGT? There will be no money exchanged. The flat is valued at £200k and £160k left on the mortgage. Thanks

Hi Peeno,
If this is not your main residence, you will be liable for CGT on any increase in value of your share. the mortgage outstanding is irrelevant.
For stamp duty, please refer to Stamp Duty Land Tax.
Thank you.
 

Hi What if any are the tax implications of making our son a joint (3rd) owner of our residential property, it is our main and only residence and is not mortgaged, our son is also permanent resident at this address?

Hi ,
 

As long at the property was your main residence for the entire period of ownership, private residence relief (PRR) would cover any gain arising from the disposal of a part share of the property to your son.  If PRR does not cover all of the gain, then you are likely to have capital gains tax to pay.  Please take a look at the helpsheet HS283 at :  Private Residence Relief (Self Assessment helpsheet HS283)   .  There is also a capital gains calculator at : Tax when you sell property  to help you work out if there is a gain.  It also includes links to the capital gains service, to allow you to report and pay any capital gains tax due . Thank you .