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  • Tax

    Tax implications of lifetime gift

    Hi everyone,

    Merry Christmas and have a happy new year.

    General question, as a property owner receiving a property from parents as a lifetime gift.

    What generally are the tax implications to me considering I might live in my parents house for couple months but then return to my main house? Do I need to make HMRC aware? I assume so, I know there will be no tax unless my parents die within 7 years.

    Thank you all!

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    Lifetime gift: So is there a trust that it reverts to after your demise? If not what happens?

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    Is this the property your parents are living in or a second property?

    If the property they are living in are they continuing to live there and pay you rent?

    What do you think you will or are hope to acheive by moving into the property for a couple of months?

    What do you intend to do with the property?

    In what way has it been gifted to you.

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    My parents gifted the property to myself and my brother. Parents are not living in the property they are living in a second property, will be moving in to support sorting the house out as my brother intends to live in it, I will return to my property within few months,

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    No so my parents have bought another house and gifted their current property to myself.

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    You need to check out the SDLT position as well as the PET for both you and your parents

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    I thought if the transfer is a gift, usually you don't pay the stamp duty land tax?

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    From what you say I assume that the property has been gifted direct to you and not into a trust for you.

    I expect your parents will need to advise the Revenue that they have gifted the property to you as part of it being taken out of their estate.

    I don’t think you need to advise the Revenue that you are moving into it for a couple of months or that it would be considered your main residence as the move is only for a few months.

    As it will be a second property for you, it will if and when you sell it be subject to CGT on any increase in value.

    If you are renting it to your brother you will need to declare the income and it will be subject to income tax.

    I am not an expert and the above is just my opinion.

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