Gifting property to family member

LifeofTedandRay

My mum is looking to gift me 50% of one of her properties and have my name put on the deeds. The property is mortgage free and is is not her main residence. I currently do not own a property. The house is currently rented out and will continue to be so. Both my parents names are on the deeds, with my stepfathers name coming off and mine going on.
We are not quite sure how to go about this process. I have looked online at the forms  AP1. TR1. ID1 and know that these have to be completed and sent to land registry if we do this ourselves. My questions are:
Would they have to pay any CGT on the 50% of the property that is gifted ?- (as one of the original partners is still on the deeds)
Would i incur any tax implications being gifted 50% of the property?
I am assuming IHT could be avoided if the giver survives 7 years - but, does this mean both my stepfather who came of the deeds, or does this mean my mother- as she has gifted me the 50%?
As the property will be rented out - i am assuming there will be tax implications for me as i would receive 50% of the rent ? ( Ideally, all the rent would go to my parents) - is there a way i can get round this by having a split of rental income- for example 90% to my mother and 10% to me?
Would you advise us to do the paperwork ourselves by completing the forms mentioned above?

Appreciate all help

sheramber

If only your step father's name is coming off is it not him who is gifting you his 50%?

Capital Gains Tax is payable on a gain when you sell an item so any CGT due will be payable by the person who is disposing of their share.  The tax must be paid to HMRC 
within 30 days of the transfer.

You  would only be liable for any CGT when you dispose of  your share of the property.

Brie

personally I think while it might be helpful to get some ideas here the only one that can actually help you will be a solicitor.  Obviously you should use one, and possibly one separate to your stepfather who is in fact that one making the gift (even if previously your mom had gifted to him).  While the solicitor deals with the transfer of title there could also be something written up to state that while you own 50% your mom remains the landlady for 100% and there has all the expense of the property as well as all the income.  You and she should also decide how the title is held jointly or tenants in common which will depend on whether stepdad might get her share should she die before him or if it will come directly to you.

Keep_pedalling

If the idea is to attempt reduce your mother’s IHT liability she will have to gift you her share. However makes the gift is likely to have an immediate CGT liability on the transfer. In order to use the 7 year rule the giver will have to give up the rental income as well.

You say you are not currently a property owner, have you never owned one? If not this gift will take away your first time buyer status.