Passing property to my children

Gavin83

Brie said:

The value of the property will be disregarded (I believe) if either son/daughter is at least 60 years old.  Otherwise the council might include it assuming you are moving into a home that they are funding.  At least that's what happened with us and MiL.  Before the council knew I was over 60 they said that they would force a sale even if that made us homeless.  It's all to do with deprivation of assets as they deemed MiL had given us too much of the value of the property.  

There are some exceptions to this but generally if their child over the age of 60 is living in the property it will be disregarded. However it will only apply to the primary residence anyway.

In my opinion/experience signing over some/all of your house to your children to avoid care fees causes more problems than it solves. I've personally seen some real horror stories with this scenario, both for the elderly person in question and their children. 

Marcon

Brie said:

I think there will be stamp duty if you/son "sell" a portion of a property to daughter.  Even if no money actually changes hands.  

There's no stamp duty payable if it's a genuine gift and no money changes hands, unless there is a mortgage or similar on the property.

Keep_pedalling

Brie said:

I think there will be stamp duty if you/son "sell" a portion of a property to daughter.  Even if no money actually changes hands.  

The value of the property will be disregarded (I believe) if either son/daughter is at least 60 years old.  Otherwise the council might include it assuming you are moving into a home that they are funding.  At least that's what happened with us and MiL.  Before the council knew I was over 60 they said that they would force a sale even if that made us homeless.  It's all to do with deprivation of assets as they deemed MiL had given us too much of the value of the property.  

No, SDLT is based on the price paid. There is highly likely to be a CGT liability though.