Postby maths » Tue Mar 16, 2021 9:04 pm
It probably is not a good idea; nothing is really achieved.
For inheritance tax purposes the house still remains in your estate even if you give it to your daughter.
It may also be the case that State means tested benefits could be adversely affected.
It is often beneficial for the child for the surviving parent to simply leave the house on discretionary trust for the child's benefit.
No means tested benefits are adversely affected
The nil rate band and residence nil rate bands are available significantly reducing any IHT (possibly to nil) on death.
Uplift in capital gains tax on death.
I understand wanting to ensure your child is provided for on your deaths but lifetime gifting is not the way forward.