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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10270
Experience:  Barrister 17 years experience
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My daughter rents a house from me how can i give here the house

Customer Question

my daughter rents a house from me how can i give here the house without any tax implicatians either way
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1. You can give her the house without any tax implications so long as you live for seven years after you give it to her. This is because whilst there is no Gift Tax in the United Kingdom, gifts given within seven years of death attract Inheritance Tax on a diminishing scale. However, once the gift of the house is given and you live seven years, then there is no Inheritance TAx payable. So I would advise you both to see a solicitor at the earliest convenience for you both and to transfer the house over to your daughter's name.
Buachaill, Barrister
Category: Law
Satisfied Customers: 10270
Experience: Barrister 17 years experience
Buachaill and 2 other Law Specialists are ready to help you
Customer: replied 1 year ago.

what about capitial gains tax the house cost me 12500 in 2008 .Ispent 50000 on the property market value is now 120000

Expert:  Buachaill replied 1 year ago.
2. You can simply gift her the house. That way you make no capital gain. It is only the "gain" or profit element that would be subject to tax. So it you don't make a capital gain, there is no capital gains tax to pay. Secondly, you may also qualify for principal private residence relief on any capital gain if you have lived in the house, yourself, for longer than a year, within the last three years. However, if this is a rented house, the simple approach is simply to gift the house.
Customer: replied 1 year ago.

one last question would she have to pay capitial gains tax if she sold it in the future

Customer: replied 1 year ago.

would she have to pay capitial gains tax if she sold it in the future

Expert:  Buachaill replied 1 year ago.
3. The same exemption - the principal private residence exemption - would mean that she could sell if tax free if she was living in it. Otherwise, there would be potential liability to tax. Second houses have tax to pay on them, but not if a person is living in the house as their main residence.

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