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Give away property

Hi,

Can I give away my property to someone for free or sell to someone at a below market price?

Since it is my main home, I shouldn't have to pay any Capital Gains Tax. Is there any other risk for doing that? If there is, what's the best/cost effective way to do it?

With regards,
«134

Comments

  • Linton
    Linton Posts: 18,345 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Hung up my suit!
    You can. Whether there was any point would be dependent on what you wanted to achieve. In particular, the two most common reasons for doing it raised in these forums are:

    1) Avoid inheritance tax. This will only work if dont continue to live in the house or live in it and pay a market rate and if you live another 7 years.

    2) Avoid care costs. This may well not work either - see deprivation of assets.
  • raoh
    raoh Posts: 18 Forumite
    Thanks Linton.

    I'm doing it so the other person doesn't have to pay Stamp Duty. Does that make sense?
  • notanewuser
    notanewuser Posts: 8,499 Forumite
    What are the figures?
    Trying to be a man is a waste of a woman
  • raoh
    raoh Posts: 18 Forumite
    £320k market value
  • notanewuser
    notanewuser Posts: 8,499 Forumite
    raoh wrote: »
    £320k market value

    Lots more detail needed. Who do you want to give it to, and why do they need to diddle the government out of stamp duty?
    Trying to be a man is a waste of a woman
  • Linton
    Linton Posts: 18,345 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Hung up my suit!
    raoh wrote: »
    Thanks Linton.

    I'm doing it so the other person doesn't have to pay Stamp Duty. Does that make sense?


    Are they going to give you a thankyou gift in return?
  • raoh
    raoh Posts: 18 Forumite
    It's my girlfriend I'm selling the property to. I can do the normal selling to her. However, I'm just wondering if there is a better way to do it to save some money for both of us.
  • paddedjohn
    paddedjohn Posts: 7,512 Forumite
    Part of the Furniture
    Are you thinking of gifting the property to avoid creditors?
    Be Alert..........Britain needs lerts.
  • raoh
    raoh Posts: 18 Forumite
    paddedjohn wrote: »
    Are you thinking of gifting the property to avoid creditors?

    No, I don't have to gift it.
  • paddedjohn
    paddedjohn Posts: 7,512 Forumite
    Part of the Furniture
    Sorry, what i meant was are you selling/giving away the property so you have no assets?
    Be Alert..........Britain needs lerts.
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