Deed of gift v. inheritance

[upset]

My uncle is 95. He wants to leave his house to me (it's not worth very much, small cottage in very bad repair). He read somewhere that if he transfers it to me now as a deed of gift, that this would save money. Now he can't find the piece he read. Is he right? Are there restrictions? Would I become liable for tax on the gift? or would he be better off just making a will?
Thanks

 

[mf1]

My uncle is 95. He wants to leave his house to me (it's not worth very much, small cottage in very bad repair). He read somewhere that if he transfers it to me now as a deed of gift, that this would save money. Now he can't find the piece he read. Is he right? Are there restrictions? Would I become liable for tax on the gift? or would he be better off just making a will?
Thanks

It used to be the case that there was some small difference in the rate of tax if something as gifted rather than willed. That is no longer the case.

Several taxes arise here.

CAT - gift tax or inheritance tax.
CGT - disposal by uncle to you if the property is not his principal private residence
Stamp duty - if house is gifted now rather than acquired on death.

Based on the limited information available, it may be better to have the property willed to you rather than gifted. As against that, there is the matter of a bird in the hand.

You should get legal advice on your own specific set of circumstances.

mf