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Where Taxpayers and Advisers Meet
House to give away for free to a family member
Ok so my brother has a house which he owns out right which he wants to give to me for free but we are unsure about tax issues if he give me the house would we have to pay any tax .the house value is to be around £150000 he brought it for 97500 but which I have maintained and extended and spent money on please help
Re: House to give away for free to a family member
If it has not been your brother's main residence then there will be a CGT issue when he gives you the property and an IHT risk for the seven years after the gift.
Lee Young
Solicitor, Chartered Tax Adviser and Trust and Estate Practitioner
Partner, Frettens LLP
lyoung@frettens.co.uk
01202 491701
Solicitor, Chartered Tax Adviser and Trust and Estate Practitioner
Partner, Frettens LLP
lyoung@frettens.co.uk
01202 491701
Re: House to give away for free to a family member
Please advise best way to do this or any way which it can be doneIf it has not been your brother's main residence then there will be a CGT issue when he gives you the property and an IHT risk for the seven years after the gift.
Re: House to give away for free to a family member
You need to state whether your brother lives in the property or ever has lived in it.
