• Splitting House And Gifting One Flat

    By Guest on 23rd Feb 2017

    I am splitting my house into two flats, can I gift one to a child of mine. If this is possible what tax liability is there.

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    By Guest on 23/02/2017

    You should grant a lease rather than gifting the freehold of just the flat otherwise there will be problems when either flat needs to be sold but yes you can. As for tax, I can say there will be no stamp duty if no money changes hands and I don't think capital gains tax would be payable (though unless it is your child's home they may have to pay CGT if they sell it). If you die within 7 years there may be inheritance tax to pay. I'm not sure about any other taxes.

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