Gifting a Property to Adult Children

I would like some advice on gifting my home to my children, please. I live with my two adult children in the home I have owned outright since before they were born. I am considering gifting my home to them equally. We will all continue to live here together for the foreseeable future. I am not yet retired and am in good health. We are all British, all born in England, own no other property, and there are no partners or children of my children to consider. I would like to find out if there is a simple way of doing this, and what tax implications there are, and if after some years they wanted to sell the property and move, would they have to wait a certain amount of time before selling? There are no reasons for wanting to make this gift other than giving them a home they own to live in, and money towards individual properties should they wish to sell in the future. Thanks for any advice you can give.

Hi 
As this has been your main residence there is no tax implications on you gifting the property
However, if it forms part of your estate if you were to pass away within 7 years, please see further guidance here:
How Inheritance Tax works: thresholds, rules and allowances
We cannot comment on future events as legislation may change.
You would need to speak to a solicitor regarding any transfer.
Thank you. 
 

Many thanks for your reply. I will follow the link and will take legal advice if the transfer takes place. Thank you

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