How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TaxRobin Your Own Question
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15312
Experience:  International tax
Type Your Tax Question Here...
TaxRobin is online now

If i gift my house to my son which is jointly owned by me

Resolved Question:

Hi if i gift my house to my son which is jointly owned by me and my wife and is fully paid but its rented out past 18 years what are the taxes to be paid
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.


There is the Capital Gains Tax to look to when you dispose of property that is not your home.

Disposing of an asset includes giving it away as a gift, or transferring it to someone else.

You only have to pay Capital Gains Tax on your total gains above an annual tax-free allowance.

The tax-free allowance is £11,100. You may also be able to reduce your tax bill by deducting losses or claiming reliefs. Your gain is usually the difference between what you paid for your asset and what you sold it for.

The market value when you transfer to your son would be the sale amount.

I would suggest you speak with your tax professional so they can do an estimate for you prior to the transfer.

You are required to click a positive rating if I am to be credited with the response.
You have to actively click on a rating and click submit. Smiley Faces or Stars.

Expert:  TaxRobin replied 1 year ago.

Checking to see if you responded

TaxRobin and other Tax Specialists are ready to help you

Related Tax Questions