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At what point did you want your niece to become the legal owner? (It is always best for this to be on your demise, so you retain ownership in case yours or her circumstances change).
Thanks for your reply.
You have 2 options-
1. You can transfer the property to your niece now, meaning that she will become the legal owner now, and will be free to deal with the property as she so wishes. Likewise, if she were ever to be made bankrupt/divorced/die prematurely, the property may pass to a third party.
2. You can retain ownership of the property, and make a Will, leaving the property to her upon your death. In the meantime, if she wished to live in the property, you could perhaps grant her a Tenancy at a nominal rent.
The easiest thing to do would be to leave her the property in your Will, but it comes down to whether you would like her to have the property now or only in the event of your death.
I will therefore have to leave it to you to decide!
I hope this helps, and if so, I would be grateful if you could rate my answer so I can get credited for my time.
All the best
For you- no tax payable on date of transfer, and for Inheritance tax purposes, the property will not be deemed to be within your Estate provided you survive 7 years from the date of the gift/transfer, provided you are not living at the property.
For your niece- no tax payable on the date of the transfer. Capital Gains tax will be payable by her upon any subsequent sale IF the property is not her main place of residence.
Hi Debbie, if I have answered your questions, I would be grateful if you could rate my answer so I can get credited for my time. Thanks Al
Thanks Debbie. Kind Regards Al