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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15915
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I want to gift a house to my brother will we be liable for

Resolved Question:

I want to gift a house to my brother will we be liable for any tax
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. Let me take a look at this and I'll get back to you in a short while.
Expert:  TonyTax replied 1 year ago.
Hi again. If you gift a house to your brother, it will be both a potentially exempt transfer for Inheritance Tax purposes and a disposal for Capital Gains Tax purposes. IHT Should you die within seven years of making the gift, its value will be counted as part of your estate for IHT purposes, though any charge to IHT will taper away from three years after the gift is made. Take a look here for more information on that. CGTWhilst you won't be receiving any money for the house, the gift will be a disposal for CGT purposes as if you had sold it for its open market value so you may have CGT to pay and no cash to pay it. How much CGT you would be liable for would depend on whether the property was ever your main home or your main home and let. Take a look here for information on the main residence and CGT. I hope this helps but let me know if you have any further questions.
Customer: replied 1 year ago.
I shall read thought all the information you have send me
Thank you
Expert:  TonyTax replied 1 year ago.
OK.
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