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Putting a property in someone else's name

5 replies

LOVELYDOVEY05 · 24/04/2018 16:28

If you own a property can you just give it to someone or do you have to sell it to them? Thanks

OP posts:
meg54 · 24/04/2018 17:45

Massive implications for tax etc.
Can you give more details?

DancingLedge · 24/04/2018 18:24

You can certainly transfer property not in exchange for money.
Nothing wrong with that. Coincidentally, been doing that very thing this afternoon.

Transferring property out of someone s ownership who then does within 7 years could have
Inheritance Tax implications.
Authorities may treat the probable value of the transfer as being their business if there could have been CGT payable, or if there is an intentional deprivation of assets by someone who goes on to claim benefits, or need care paid for.

Would it be appropriate to outline the circumstances?

Professional guidance on tax implications is almost certainly called for.

Smeddum · 24/04/2018 18:25

It can be done, but as a PP said inheritance tax could be an issue if the person signing the house over doesn’t survive 7 years after its signed over.

DancingLedge · 24/04/2018 18:25

does =dies

MNscum · 24/04/2018 18:29

I’ve done this. Yes you can transfer, I did all the paperwork myself with forms downloaded from the Land Registry. We’d inherited the house (siblings) and then I put it just in my name as was buying them out.

We had no tax implications but then I was buying it, not giving it away. There were questions on the form about last known selling price, price I was paying, etc.

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