8:42 AM, 16th January 2018, About 5 years ago 6
Can anyone please assist with my situation? My sister would like to transfer a property as a gift to my brother and I, the property does not have a mortgage and was not purchased with one. The house has always been used as a rental property with a Private Rented Property License issued by a local London council. It’s currently undergoing an extensive renovation project and hence is empty until the work is complete, once again making it ready for the rental market.
My brother does not have a property in his name, but I am a house owner. I have been informed that we need to complete forms AP1, TR1 and ID1. Would there be any Tax implications since the transfer is via a gift with no monetary value?