Gifting my daughter

lauren.44

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

Robin9

Several similar posts on this forum - search "Deprivation of Assets"

p00hsticks

If you own it outright (no mortgage) then yes you can, providing your daughters over 18 - but it's not usually a good idea as ther are many cons and not many pro's.

* If your daughter has not previously owned a property she would lose any first time buyer benefits for the future.

* If she doesn't live with you then your daughter will be subject to capital gains tax in the future when she comes to sell it.

* If your daughter isn't living in it ownership of the property may make her ineligible for certain means tested benefits.

* It'll be your daughters asset, which she could lose if she gets divorced or made bankrupt - potentially making you homeless.

* If you continue to live in it without paying her a market rent then it's a 'gift with reservation of benefit' and so will remain as part of your estat for inheritance tax purposes.

* If you ever need to claim benefits or go into care it may be considered to have been a 'deliberate deprivation of capital' and you will be assessed as if you still own it.

So what are you trying to achieve by making the gift ?