chris99

I am hoping you can advise me. My father lives in his house with his two children. The property is mortgage free. As it is his primary residence, i assume he can gift part of the house to his children with no capital gains to pay? Then as its also the two childrens primary residence, they could each receive £250,000 worth of the property without stamp duty to pay? Is my understanding correct? My father will want to remain living in the house. I note the following... 'If you want to continue living in your property after giving it away, you’ll need to: pay rent to the new owner at the going rate (for similar local rental properties) pay your share of the bills live there for at least 7 years You do not have to pay rent to the new owners if both the following apply: you only give away part of your property the new owners also live at the property'. In order to benefit from this and my father not have to pay rent, what percentage of the property can or cannot be given away. Thanks.