inheritance tax query

[simplyasking]

here goes. live with wife and kids in home owned by wifes father since late ninties. Wife father is in trouble with bank and despite having no mortgages or charges against home is afraid creditors will come looking for house as asset against borrowings. Question is can house be gifted to wife and avoid tax on transfer or will capital gains tax be due on transfer - house is currently worth more than the current gift threshold between father and daughter. my wife has no beneficial interest in any other property. appreciate any advise.

 

[Joe_90]

Hi,

There is relief from CAT for houses gifted to a child where the child has lived in the house for 3 years and the disponer has not.
Unfortunately no relief from Capital Gains Tax.