Gifting Property

Hi, Home is owed by both my Dad and his partner, no outstanding mortgage. Dad is in a care home and his partner still lives at the home. Dad wants to gift his half of the house to his two sons Is this possible? And what Tax implications are there? Thanks Ian

Hi,

This would be seen as a disposal on his share. Private Residence Relief applies if it was his main residence for the whole period of ownership and as he has moved into a care home. He has 36 months from the date he moved for this relief to continue. If the property was gifted after that period, Capital Gains Tax may be due. You can see guidance here:

Capital Gains Tax: what you pay it on, rates and allowances

Thank you.