Giving our house to our son.

xylophone

The OP elsewhere ways that they pay no income tax, is approaching retirement and will be in receipt of the state pension.

Even if the OP pays no tax, this does not necessarily indicate a lack of means or income.

https://forums.moneysavingexpert.com/discussion/comment/70522570#Comment_70522570

OK I'll get the ball rolling.

Total income from benefits = £0

Unemployed ten years, another six before I start milking the system of £112 (before tax) a week as a member of the blue rinse brigade.

It would be possible to have several hundred thousand pounds in savings, (whether in deposit accounts or ISAs) and take an income up to £17000 and pay no tax.

Well_excuse_me.

Brock_and_Roll wrote: »

It seems to me that Deprivation of Assets is the main consideration here.


The OP elsewhere says that they pay no income tax, is approaching retirement and will be in receipt of the state pension.


Of course it depends on the value of the new house, but care costs can run from £500-£1000 per week so in the hopefully unlikely event that the OP or partner needs such care in the next few years, you can at least expect the relevant local authority to a) spot it and b) look into such an asset giveaway.

Ballpark £180k both properties.
I've been retired ten years, during which I have been living off capital (not sure if living off investments and savings is "deprivation of capital":eek:).
Going forward I will (probably)shortly start drawing an occupational pension, supplemented with capital until my/our state pensions kick in.
When SRPs kick in we expect to have incomes of £18k and £10k (inc SRP)all index linked, and we will still have (some) capital.
We spend £18k pa.

getmore4less

It rare for any true gift to make the IHT situation worse that it would be without giving the gift.

That is no IHT issues even if there is IHT due.