Gifting Property to Children

Hi, Can my Father gift his mortgage free home to his 4 children equally. He will still live in the house, approx value of house is 320K?

Hi Merlin2465 George,
Yes but it will still be part of his estate for Inheritance tax as he is still living in it.
Thank you.

Hi my mum gifted myself and my sister her property about 6.5 years ago she has rent for life in the property she currently has dementia and might have to go into care at some point in the future would the council take the property to pay for her care it’s value is approximately £80000 we love in Scotland the property was gifted when she was just ready to retire and had no signs of dementia which only started around 2 years ago

Hi, not a HMRC Admin but I can explain HMRC's responsibility (as a department) is tax so they can only answer tax questions. What you're asking about is deprivation of assets. It can apply to DWP administered benefits too but in this case you're talking about deprivation of assets in relation to care funding provided by your local government (council). Each council may have a different policy for enforcing deprivation of assets so you may find your council are the best ones to ask.

I'd like to gift a second property to my two children. What is the process?

Hi,
Please note, HMRC does not give advice on how to pass on your own property, money, and possessions.
There are several routes you can go down if you want to transfer property to family members.
The types of transfers you can do, property transfer costs, and the different taxes you might have to pay all depend on a variety of things.
We would recommend you take legal advice to decide on the best option. 
Thank you.