Most likely yes, unless it was your home or you gave it to your spouse.
You can read more in our guide to capital gains tax for gifted property.
You might also want to check our our capital gains tax calculator to work out how much you need to pay.
However, the receiver of the gift has to pay it sometimes:
One thing to note: you need to let the bank know about the gift so they can check that the new owner can afford the mortgage.
The recipient – they will be the new landlord.
The only exception is if you give property to a child under 18. You will have to pay rental income tax until they come of age.
Usually there’s no inheritance tax to pay if:
This allowance increases increases to £475,000 if the property is your main home and you’re giving it to your children or grandchildren.
Anything above the IHT allowance will be in most cases taxed at 40%.
You can read more about the inheritance tax rates and allowances here.
Yes, but you need to pay rent – at the market rate.
Otherwise the recipient will still have to pay inheritance tax.
Simply sign up and we can do your capital gains and rental income tax return.
For stamp duty, the property agent or lawyer can do it for you, or you can pay stamp duty online by yourself as well.
For inheritance tax, your lawyer can also “apply for probate”, which gives them the right to deal with your property and assets after you pass away.
Get your self assessment prepared for you online by certified accountants for £119
Our online tax-bot will go over your tax situation and will make sure you won’t overpay your taxes.
You can talk to one of our tax assistants at any time during the process when you have any questions.
We’ll tell you exactly what documents you need and sort them for you online. You just upload them or snap a picture with your phone.
Your certified accountant will go over your details & prepare your tax return for you to review. It will be filed on your behalf once you approve it.
We have a simple online service that guides you through the entire process. Regardless of your reasons for doing your tax return we'll help you get it done right.
We'll prepare your self assessment and help to maximise your CIS tax refund. We have the lowest fees in the industry and you don't have to pay up front if you're eligible for a refund.
Our service allows people living abroad to prepare their income tax return online. We are able to process all returns regardless of your current country of residence.
UK company directors are required to file their self assessment annually. TaxScouts handles this through a simple online process.
Long Lets, Airbnb, Capital Gains. TaxScouts will sort out your self assessment and take away the worry of tracking all the recent tax changes.
TaxScouts ensures the self employed don't overpay on their taxes. We'll help you benefit from all the tax breaks and deductions that can be applied to your return.
At TaxScouts we appreciate that tax returns are highly individual. Before you get assigned an accountant we make sure to understand your circumstances and help you build your optimal tax profile.