I want o give house o underage son

mega78

I have house with mortgage
I need to give it to my underage son (2 years old)

1. I think first I must pay out mortgage
2. Can I give it o my son with exception on land registry that I can live in this house

This is because I have tax problem in another UE country and I want protect my family tto have place to live

andywalker2005

mega78 wrote: »

I have house with mortgage
I need to give it to my underage son (2 years old)

1. I think first I must pay out mortgage
2. Can I give it o my son with exception on land registry that I can live in this house

This is because I have tax problem in another UE country and I want protect my family tto have place to live

I think you might not be able to give away your property to a minor person. Legally it may not be possible to give it him on his own. You might have to appoint a trustee/carer who will be in charge until your son gets to mature age. ("think"!)

Tixy

Minors cannot own property in the UK, it would have to be owned in a trust on behalf of the child.

Yes any mortgage would need repaying before you could gift the property to anyone.

If you want to retain a life interest in the property then that will have further complications. This would be classed as a gift with reservation, and it may not solve the issue you are trying to avoid.

I would definitely take legal advice, as it is possible that depending on the situation you are trying to avoid and what country this won't work anyway.

E.g. in the UK if HMRC petitioned for someone to be declared bankrupt and the official receiver then found out you had gifted away assets within the last 2 years they could seek to recover those assets.

[Deleted User]

I think you might need to see a solicitor or accountant (possibly both) who understand law/tax regulations in the country you are trying to avoid as well as here.

There is a possibility that with the right laws, this won't work (giving your house to your son so it can't be taken off the family because presumably of tax owed in another country). They may still be able to proceed. You need to check this out.

Then of course, if you speak to someone about avoiding tax laws in another country.., they may call it fraud and refuse to get involved.

bargainbetty

You cannot transfer the ownership of a property where there is an outstanding mortgage - your mortgage company would not permit the deed transfer.

Mallotum_X

Why not just pay what you owe. Chances are any scheme you now put in place to avoid tax wont work, so it will cost you more than just paying the tax.