What we can help you with
- Gifting land or property
- Transfers of equity
- Advice and planning
Residential property and conveyancing solicitors
Always approachable, helpful and professional
Transfers and gifts of property
Why Thomson Hayton Winkley?
Transferring or gifting property between family members might seem straightforward but there are many things to consider. Whilst we do not give tax advice, we understand that such transactions can effect Inheritance Tax, Capital Gains Tax, Income Tax, and Stamp Duty Land Tax.
Therefore we will work with you and your financial advisor, accountant and also with colleagues in our private client department where necessary, and will not simply carry out the transfer or gift in isolation without considering the implications.
Answering your questions
Can I give property to a family member?
Yes, but it is important for us to know the reasons for this and whether there are other implications – such as tax. Transferring or gifting property is often used as an effective Inheritance Tax planning tool in appropriate circumstances.
We also have a duty to ensure that you are not intentionally depriving yourself of property which might effect your entitlement to state funded benefits or care.
Are there any other implications
Aside from tax implications, there could be other issues that arise as a consequence of gifting transferring property. If you are still living in the property you will no longer be the legal owner and will therefore have less rights and responsibilities than you did previously. Tenancy issues may arise.
The person you gift the property is free to do with the property as they wish. They might add their partner or spouse to the title against your wishes, but this would no longer be within your control.
If you are only transferring an partial interest in the property to another person, complications could arise in the future if you fall out. A Declaration of Trust might be required.
It is therefore important that all possible considerations are taken into account in advance.
Don't take our word for it
It was a pleasure dealing with John Cooke. Please ensure you pass our thanks to him, and Debbie for an excellent experience.