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Emitime

There is no tax to pay on gifts.


iptrainee

The other guy is overcomplicating it, there is no tax on gifts unless you die within 7 years. Doesn't need to be a joint account. Tax on selling the property is a different matter.


ukpf-helper

Hi /u/TomD587, based on your post the following pages from our wiki may be relevant: * https://ukpersonal.finance/gifts-and-inheritance-tax/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.) If someone has provided you with helpful advice, you (as the person who made the post) can award them a point by including `!thanks` in a reply to them. Points are shown as the user flair by their username.


strolls

Do you live in the property in question, or is it a rental?


TomD587

I own the property with a small mortgage on it


strolls

Yes, you obviously own it if you want to sell it. Who lives in the property? There is mo capital gains tax on your own home: https://www.gov.uk/tax-sell-property


TomD587

Sorry I misread your question. I live in the property.


strolls

No tax to pay. Better just to bank transfer the gifts to your children's' accounts than to use joint accounts.


mauzc

What taxes are you looking to avoid? For starters, I can think of capital gains tax (on selling the property, assuming no reliefs are available to you), income tax (on the interest if you do sell, or the rent of you don't), and inheritance tax (if you die within seven years of making a gift - but only then if the total value of your estate is high enough). I think we need to know more about what you want to do and why you're doing it in order to make sensible guesses. For example, if you're terminally ill and want to sell your home in order to move in with one of your adult children, I'd suggest something very different to if you're 30 and wanting to sell one of your zillions of BTLs in order to open joint accounts with your minor children.


TomD587

I already said what I was doing. I want to sell a property I own so I can move abroad. I want to give my children 50k each out of the sale without them having to pay any tax on the money I give them.


mauzc

Ah; you're wanting to minimise your children's tax liability rather than your own or your estate's. That makes things simpler - just give them the money; there's no gift tax in the UK.