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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15942
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Can I "give" away my principal residence without paying and

Resolved Question:

Can I "give" away my principal residence without paying and capital gains tax?
Thanks
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. I'm drafting my answer now.
Expert:  TonyTax replied 1 year ago.
Assuming that you live in the property for the entire of ownership or for a maximum of 18 months after you move out following a period of complete occupation, you can give it away and pay no CGT. If you have not lived in it for all the time that you have owned it, there may be CGT to pay. Take a look at HS283 for information on the main residence and CGT.However, if you remain in residence after gifting a property it will be a gift with reservation of benefit which means that the property will remain in your estate for Inheritance Tax purposes unless you pay a full market rent or until seven years after you move out.I hope this helps but let me know if you have any further questions.
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