My client is 73 years of age very fit and still running a small business. He wants to transfer his home into his childrens names and still live in the house. His assets including the home are about £250k so no inheritance implications.
I have advised him that capital gains will be payable by children if and when they sell the house based on market value of house at date of transfer.
Am I correct in saying that as it is a nil consideration there will not be any SDLT to pay.
Thanks for any comments regarding pitfalls and implications of this situation.
I assume the man in the pub has told him to do it to avoid care home fees but I have not gone into this aspect.