Reece Meins
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RE: Gifting Property
Hi there, I own a property (no mortgage) that I have not lived in for several years. My brother has lived in it since 2015 rent free as we see it as his. I wish to officially gift him the property but can’t figure out via the GOV website on whether there is capital gains tax to be paid in the transfer? As No “gain” has been made by myself and no financial transaction is to take place. Or capital gains is paid when he sell the property? A separate house was purchased by myself from my mother in which my brother was entitled to half of, so I gifted him my house instead. As we see this house as his, it has only become an issue now that he wishes to sell the house and move on, He is unable to see the property as it’s in my name. This was all done in 2015 with solicitors help but I believe some important admin had not been filed correctly. Can you advise on this unique situation thanks?