I want to give my son a share of the home owned with my second husband

Q My husband and I are tenants in common of our house. He owns a third (2/6) and I own two-thirds (4/6). We are tenants in common because we are both in a second marriage and both want our possessions to go to our own children. Although the proportions of our ownership are not on our land certificate, they are set out in a deed of trust. I would like to give 3/6 of my portion to my son, leaving me 1/6 and my husband still with his 2/6. Would this be allowed? Or would my son have to pay something? If any tax is involved, what would it be, please? HS A If there is still a mortgage on your home, you will need to check with your lender whether you can give away a portion of the property to your son. If you own the property outright, you can give your son as much as you like. Assuming that there is no mortgage and that your son gives you nothing in exchange for the share of your home, you don't need to worry about stamp duty because property received as a gift does not attract the tax. If, however, your gift includes your son taking on part of the mortgage, there may be an stamp duty bill if the share of the mortgage that he takes on exceeds the threshold of £125,000. But I would be wary of giving your son a share of your home now because by making him another tenant in common, he would be able to force a sale of the property to realise the cash from your gift. There is also no inheritance tax advantage of giving him a share of your home. While many gifts count as potentially exempt transfers which become free of inheritance tax if the giver is still alive seven years after making a gift, your gift won't. Since you will continue to benefit from the gift – by continuing to live in the property – it will count as what's called a "gift with reservation". This means that it is not a real gift and so it is disregarded when calculating the value of your estate on death. So even though you may have given away some of your property, it will be the value of your share of the property before you made the gift that is taken into account when calculating whether inheritance tax is due.