I have a property in my name that belongs to my brother. The mortgage was an interest only taken out 15 years ago via mortgage express. The mortgage expires on 27th Oct and we are thinking of selling the property. We were wondering can I sell it and gift the proceeds to him once the remaining £87,500 mortgage has been paid off. If I gift does that affect my gift allowance further down the line. Just as an example, say the property is worth £250,000 - £87,500 = £162,500 minus any other costs. Secondly, if we can't gift, is there any tax liability for me? I would be treating this as a second property, as I have gained nothing on this property since outset, so he would also have to cover CGT etc, cost of sale, solicitors fees etc I have my own property, which I rent out @ £1,500 per month. I have recently moved back to my parents as my mother was diagnosed with dementia. I have no salary coming in and do not receive any care allowance etc. I would really welcome your advise. Many thanks Bernadette XXXXX
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