• Deed Of Gift To Son Of A House To Live In

    By Guest on 09th Dec 2015

    I bought a property Dec 2013 for £118,000 - we (son & I) "did it up". He moved into it Dec 2014. I want to do a "deed of gift" to give this house to him now (Dec 2015) value of property now around £124,000. He is my only child - I am 57 & he is 36yrs. I am not trying to do a "deprevation of funds re care in later life" - I own 2 other houses - so plenty of funds. My question is - are there any tax implications for my son - at the moment I deed of gift the house to him ? Is he making a "capital gain" that he will need to pay tax on ? hope you can answer this for me - regards, Karen.

  • 4 Answers

    By Guest on 10/12/2015

    This should be addressed to an accountant

  • By Guest on 10/12/2015

    CGT applies when he sells the property. IHT may apply if you die within the next 7 years.

  • By Guest on 10/12/2015

    IHT - would apply whether kept in my estate or gifted if I die in the next 7 yrs (hope not). CGT does not apply if he sells the house - as it is his home (he is living in it).

  • By Guest on 10/12/2015

    sorry, but have spoken to "tax office" since posting this & so now now all ok to do thanks

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