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UK-Justice
UK-Justice, Barrister
Category: Law
Satisfied Customers: 16193
Experience:  Called to the Bar in 2007
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i have been told by our accountant that in order to give my

Customer Question

i have been told by our accountant that in order to give my share of a propety i jointly own away to my brother i also have to give him a gift of money which could be several thoasnd pounds.the property is only worth 80.000 so it is not a inheritance tax , is this correct or is there any way i can just hand the house over with out giving money as well.the house was ment to be split equally between us.
Submitted: 3 years ago.
Category: Law
Expert:  UK-Justice replied 3 years ago.
Thanks for your question, my name is Nic I will do whatever I can to help you today.

Is there a mortgage on it?
Customer: replied 3 years ago.

no morgage i am to keep my fathers house when he dies and to give my share of this jointly owned propety to my brother


so we then own a propety each.

Expert:  UK-Justice replied 3 years ago.
You could give it to your brother now and as long as you survive him by 7 years then there will be no tax to pay.

But 7 years is the rule.

Without a mortgage this is a straight forward process.

So 7 years you need to keep alive for, otherwise tax would be payable.

But that is what you can do. You would need to see a Solicitor to draft the paperwork.

I hope this helps and if there is anything else I can do to help you today please let me know.


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Customer: replied 3 years ago.

i was told this money was to be given to my brother not the tax man.


 


 


 


 

Expert:  UK-Justice replied 3 years ago.
No.

You can gift the property.

As long as you live for 7 years no tax will be payable as a gift.

I hope this helps and if there is anything else I can do to help you today please let me know.


Please remember to click *** OK SERVICE *** or above so that I am credited for my time. The question does not close and you can ask follow ups.

Important: If you feel the need to rate as one of the lower two scores, it counts as negative feedback so please reply to me via the REPLY with any further questions you may have. I will be happy to assist you further.
Expert:  UK-Justice replied 3 years ago.
I'm just following up with you to see how everything is going. Did my answer help?

UK-Justice

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