Gifting property

Can my husband and I gift our mortgage free property to our children and then buy another smaller property for ourselves out of our savings without incurring any tax liability

Hi .
 

No.  Gifting your property to your children, may result in a capital gains tax liability.  You would need to consider whether private residence relief will cover all of the gain.  Please have a look at help sheet HS283 (:   HS283 Private Residence Relief (2024) )  .  There is guidance and calculator at : Tax when you sell property   to help you work out if there is a capital gain liability  .  You can also use the links to report and pay any capital gains tax due . Thank you .