Readers' forum: Property transfer

Could Taxation readers advise on the tax implications if parents were to transfer a property into their son’s name? The house in question is the main residence of both the parents and their son the parents having transferred a one-third share to him in 2016. There is no mortgage on the property. The parents are now considering whether to transfer the other two-thirds into the son’s name.

Would there be an inheritance tax or capital gains tax liability either at the time of transfer or in the future? And given the recent publicity on the subject and its effect on property prices would there be a stamp duty land tax liability?

The parents will move out of the property when they have found somewhere suitable to live. However this may not be for some time and in the meantime the property remains the main residence of...