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Posted Sat, 31 Aug 2024 06:45:34 GMT by Jane Bell
I would like to gift a second property to my grand daughter. I own the property outright and have never lived there or charged rent to family members staying there. What is the process and timescale for completion please?
Posted Thu, 05 Sep 2024 15:21:31 GMT by HMRC Admin 20 Response
Hi,
You would need to discuss this with a solicitor.
Once done you will then need to report any gain made on the property within 60 days.
Please see the following link :Tax when you sell propert,  this gives guidance on possible Capital Gains Tax if you make a profit (‘gain’) when you sell (or ‘dispose of’) property that’s not your home.
Thank you.

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