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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I would like to transfer my share of a home I havenot lived

Resolved Question:

I would like to transfer my share of a home I havenot lived in for 18yr to my brother & sister we are registered as joint tenants, there is nothing owing on the property. If I do this would they have to paid any tax, I am not selling to then but giving
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

Please advise
- the money worth of your share of this property.
- are you giving away this share for nothing in return as a gift?

Many thanks
Customer: replied 2 years ago.
My share value would be £200.000 approx
I am giving for no financial payment
Expert:  taxadvisor.uk replied 2 years ago.
Margaret, thank you for your prompt reply.

As recipients of a gift, your brother and sister would receive the gift free of tax.

There is no tax on gifts in the UK.

You should be aware this gift would be regarded as a potentially exempt transfer for inheritance tax purposes and the seven years rule applies. In simple terms, if you survive for 7 years after giving the gift, the gift is exempt from inheritance tax and does not form part of the estate.

More information on 7-year rule can be found here

https://www.gov.uk/inheritance-tax/gifts

Some useful reading on gifts that might be tax-free can be found here

http://www.which.co.uk/money/tax/guides/inheritance-tax-explained/inheritance-tax-planning-and-tax-free-gifts/

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

taxadvisor.uk and other Tax Specialists are ready to help you
Customer: replied 2 years ago.
Thank youforypuradvise
Expert:  taxadvisor.uk replied 2 years ago.
Margaret, thank you for your good words.

If you are happy and there are no more issues I will appreciate if you would kindly rate/accept the service I provided to ensure I get credited for it.