Dear Friend,Hello and welcome. Thank you for providing an opportunity to assist you.
YES.. Both options are possible but gifting may have some tax implications. You cannot gift more than GBP 3000 without being taxed. So, this option is best avoided.
The first option sounds more feasible. You can buy your father's share and by doing this you will make a capital investment by buying his share out.You can go with this option.
I am sure this would help.
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