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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 6066
Experience:  English solicitor with over 12 years experience
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I own & live in my own mortgage free home. I woukd like to

Customer Question

I own & live in my own mortgage free home. I woukd like to gift 30% to my only daughter ny adding her to the deeds. If I live for 7 years , will this be tax free & out of my estate?
Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: Nothing so far
Assistant: Have you talked to a lawyer about this?
Customer: Not yet
Assistant: Anything else you want the Lawyer to know before I connect you?
Customer: no
Submitted: 12 days ago.
Category: Law
Expert:  UKSolicitorJA replied 12 days ago.

Hello,

Will you be living in the property after you gift her the 30% share in it?

Expert:  UKSolicitorJA replied 12 days ago.

Hello,

Will you be living in the property after you gift her the 30% share in it?

Customer: replied 12 days ago.
Customer: replied 12 days ago.
unable to take a call
Expert:  UKSolicitorJA replied 12 days ago.

In that case, your gift will be treated as a gift with reservation of benefit and therefore her share will be considered as part of your estate for inheritance tax purposes.

You may pay her a market rent for her share of the property in which case this would not be treated as a gift with reservation of benefit.

I hope this helps. Please click on 5 stars