Transferring Ownership

nolongerinthered

Deleted

thanks

AdrianC

If your father dies in the next seven years, a proportion of the value will be within his estate for IHT purposes.

If he needs residential care, he can be deemed to have deprived himself of assets if he wants the local authority to pay towards his care.

G_M

Inheritance Tax. Did your grandfather die within 7 years of transferring the property to your father?

The same issue will arise if your father transfers it to you.

Capital Gains Tax. When he took over ownership, did your father live in the property? It sounds as if not, since your grandfather continued to live there, and then you moved in when your grandfather died. Therefore it was not your father's primary residene. Therefore CGT will be payable.

SDLT. I believe this is not payable on transfer as a gift:
https://www.gov.uk/sdlt-transferring-ownership-of-land-or-property#receiving-land-or-property-as-a-gift-or-from-a-will

Deprivation of assets. This is likely to apply if your father requires local authority support eg for a care home.