This may seem strange but I'm sure it is not the first time it has been done...essentially, I want to give my apartment to a family member for 'free'. I have a tracker mortgage, am not in negative equity (but not significantly 'in profit' either). I am moving abroad for work purposes and I don't want the hassle of trying to sell or renting it out. I want to sign it over to this family member (permanently) and will not take any payment for it - they will need to do quite a bit of work before they can rent it out and I am just glad to be getting rid of it so I have said I want nothing. However, I want to know what are the tax implications for both parties?
Thanks
Thanks