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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10551
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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If I want to leave my property to my kids - can I do so as

Resolved Question:

If I want to leave my property to my kids - can I do so as a gift and thereby not have to pay tax?
Submitted: 3 years ago.
Category: Law
Expert:  Aston Lawyer replied 3 years ago.
Hello and thanks for using Just Answer.

My name is XXXXX XXXXX am happy to assist you with your enquiry.

If you want to transfer your property to your kids during your lifetime, provided it is your only property, there would be no Stamp Duty or other tax that you would have to pay upon completion of the transfer.

I hope this answers your question.

I would however mention that you should take legal advice before deciding to proceed with any such transfer.

Kind Regards
AL
Customer: replied 3 years ago.
Are there any other charges or taxes and do I need to have done it 7 years before I pass away?
Expert:  Aston Lawyer replied 3 years ago.

Hi Jay,

For Inheritance tax (IHT) purposes, provided you survive for 7 years from the date of the gift the property would not form part of your Estate for IHT purposes.
However, (and this is where you need to be guided by your Solicitor), if you gift the property to your children, but remain living in it, then for IHT purposes it is classed as a "gift with a reservation" (ie you have gifted it, but as you have preserved enjoyment of it, the property would still be classed as yours and included in your Estate for IHT purposes).
If the above scenario applies to you, then there would be little benefit in transferring the property to your children.

Apart from the IHT, there would be no other taxes you have to pay- just the charges of your Solicitor in completing the paperwork.

I hope this clarifies matters for you.

Kind Regards
AL
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