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House gifting
lauren.44
Posts: 2 Newbie
Can I gift my house to my daughter , what are the advantages and disadvantages ? What would be the best way to do this ? #MartinLewis
Suzanne Wood
Suzanne Wood
0
Comments
-
Much more detail needed.
Do you live in it?
How old are you?
How old is she?
What's your motivation? Generosity? Tax avoidance? Something else?0 -
rather touching you are so innocent as to think that martin lewis actually looks at posts on here
meantime, in the real world
- continue to live there and it remains liable to inheritance tax (gift with reservation of benefit )
- live there or move out matters not, neither protect it against deprivation of capital for means tested benefits
- will she live in it as her main home?> Yes: fine. No: oh dear capital gains tax payable by her on a property she may have got tax free under inheritance when you die.
In other words, take some proper (paid for) advice, not a few lines from people down the pub.0 -
I've replied on the duplicate thread
https://forums.moneysavingexpert.com/discussion/6075258/gifting-my-daughter0 -
Can I gift my house to my daughter , what are the advantages and disadvantages ? What would be the best way to do this ? #MartinLewis
Suzanne Wood
If you own it outright then yes you can - daughter must be 18+
Advantages are your daughter will have a free house, disadvantages are you will not.
As for tax/legal implications, get some paid legal advice.0 -
Will you continue to live in it?AnotherJoe wrote: »Much more detail needed.
Do you live in it?
How old are you?
How old is she?
What's your motivation? Generosity? Tax avoidance? Something else?
Will she?
Will you pay her rent?
Does she own a property already?
Are you (both) in good health?
Do either of you claim any Benefits? Which?
Is she married, single or in a partnership?
Might she marry? Or divorce?
And to repeat: What's your motivation?0
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