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 TonyTax Your Own Question
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15979
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
Type Your Tax Question Here...
TonyTax is online now

Can I "give" away my principal residence without paying and

This answer was rated:

Can I "give" away my principal residence without paying and capital gains tax?
Hi. I'm drafting my answer now.
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.
TonyTax and other Tax Specialists are ready to help you