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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5141
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

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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
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 3 years ago.
My share value would be £200.000 approx
I am giving for no financial payment
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

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

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. and other Tax Specialists are ready to help you
Customer: replied 3 years ago.
Thank youforypuradvise
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.