Cheapest way to gift a property? (+ Q about additional provision)

Tiglet2

What you are describing via an AP1, ID1 and TR1 is a Transfer of Equity. But you are not doing a transfer of equity because neither of the current owners (you and your wife) are staying on the title. I am pretty sure you won't be able to do this because it will be deemed a sale (to your daughter, although no money changing hands) and a purchase (daughter will be new owner). I do think you will need a solicitor/conveyancer to advise.

SmashedAvacado

OP - you presumably want the cheapest way of doing it properly, as opposed to the cheapest way of appearing to do it properly, but potentially causing a lot of difficulties in the future.

You appear to be intending to avoid IHT by giving a property to a family member whilst continuing to live in it. If you are to continue to live in the property you need to be clear on the basis on which you can live in it, they can sell it, they can mortgage it etc.

To do things properly, avoiding liability, and to achieve your aims, you need to actually explain what you are looking to achieve - because filing forms at the land registry might be a waste of time unless you are sure that the result is clear in respect of the issues that matter to you.

getmore4less

The op had two questions focus on answering those.

Speculation on what else they are trying to achieve is guesswork and potentially irrelevant.

diggingdude

samc93 wrote: »

Again with the judgements. Seems it is impossible to ask a simple question on this website without people commenting.

How else would you like to have your answers if not in a comment??

xylophone

This is the situation were the family home passing to your daughter by will:

https://www.gov.uk/government/publications/inheritance-tax-main-residence-nil-rate-band-and-the-existing-nil-rate-band/inheritance-tax-main-residence-nil-rate-band-and-the-existing-nil-rate-band

However, you are seeking to make an inter vivos gift with reservation.

https://www.taxation.co.uk/Articles/2017/07/11/336669/making-gifts-reservation-benefit

If you proceed your daughter will own the house absolutely.

It appears that it is currently her PPR and it seems it will remain so.

Is she aware that a married couple can have only one PPR exemption?

https://www.telegraph.co.uk/finance/personalfinance/capital-gains-tax/11349300/My-wife-and-I-live-separately.-Are-both-houses-free-of-capital-gains-tax.html

In your position I would take no action until you and your daughter have consulted a suitably qualified professional.

And should you or your wife ever need means tested care see

https://www.ageuk.org.uk/information-advice/care/paying-for-care/paying-for-a-care-home/deprivation-of-assets/