Gifting Property

Hi MAP,
If the house is not your main residence then yes capital gains will be due on you.
Thank you.

Hi hotchopper,
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

If I and my wife were to transfer 50% of the ownership of our home to our children, with all of us co-habiting, what requirements would there be in terms of obligations regarding household upkeep and expenses to avoid being deemed to have made a gift with reservation.

Hi My daughter is 20 and studying in the Netherlands since 2022. My husband and I want to buy a flat for her in the UK in her name. Is this subject to UK tax for her or us? Many thanks

Hi, A family friend is going to gift me a property they have recently bought. What are the tax implications for this, if any? Thanks

Hi
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. 

  

Hi
Please refer ot guidance at How Inheritance Tax works: thresholds, rules and allowances

Hi
It will be your daughter who is liable for any income generated from the flat.

Hi, I have recently sold my property that I jointly owned with my husband. We are non-UK resident and non-UK Citizen. The property was purchased in 2007 as our main residence. However, we have left UK since 2011 and the property was rented out since 2012. My husband gave the property to me (without any declaration of trust) and I have used the rental income to pay for all outgoings. Since the property is now sold and 100% of the sale proceeds received by me only, please kindly advise on filling the Non-UK Resident CGT? 1) Should I file 100% of the sale proceed for Non UK Resident CGT? 2) Or should I file as 50/50 split between me any husband? (Please note my husband did not receive the sale proceeds as he intend to give the sale proceed to me since all the outgoing of the property was paid by me) 3) If I file 100% of the sale proceed for Non UK Resident CGT, does my husband need to file for Non Resident CGT too if he did not receive any profits from the sale? Thank you.

Hi Smallbear,
As the beneficial owner of the property and being non UK resident, you will need to report the disposal of the property, within 60 days of the completion date, to avoid penalties and interest. There is a calclator at Tax when you sell property, to help you work out if there is a taxable gain.  
There are also links that lead on to registering and reporting the disposal online and how to request a paper version of the return form.  
Help sheet HS283 (HS283 Private Residence Relief (2024)) will help you work out you private residence relief.
Thank you.