Gifting Property to Parent

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Gifting Property to Parent


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Old 14th May 2020, 06:33 PM
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Default Gifting Property to Parent

I (living in the UK) own a property in Lisboa that my father lives in. I am considering whether to gift the property to him: what taxes am I looking at?

Hes tax resident there but does not yet have Portuguese citizenship. He has a UK passport but has never lived in the UK. The property was worth about 200,000 three years ago.

Im sure solicitor fees and so on are about the same as when I bought it, but I get the feeling because I would be transferring it to my father that these are reduced or we are exempt? Im not concerned about inheritance tax issues for the UK.

As far as I can tell there is a 0.8% levy on the VPT, maybe? Are the any other taxes: capital gains tax perhaps? Any government page that describes this situation?

Thanks!

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