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TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 17218
Experience:  International tax
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I am buying a new house, paying out of my savings so

Customer Question

I am buying a new house, paying for it out of my savings so there will be no mortgage. I want to put half the house in my partners name (we are not married but have been living together in a rented property for four years.)
Will my partner be liable for any tax if I do this?
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
HelloMaking a gift to your partner of half the home would fall under IHT. Transfer of a 50% interest is a gift with reservation of benefit, due to your occupation so you would still be seen as the owner for IHT. This means the 7 year wait period would not apply and your estate would still have the property.There is generally no stamp duty land tax (SDLT) liability on a gift of property. As there is no mortgage so the assumption of the mortgage by the recipient of the gifted property that generally constitutes chargeable consideration for SDLT purposes is not there.I hope this information is helpful.