I would like to leave my son 50% of my house. It is now his main home and we live together. Are there tax implications if we decide to sell the property after a couple of years? 

Arthur Weller replies 

Most likely, the sale of the property after a couple of years will not trigger any capital gains tax (CGT). I presume that you have lived in the house all the period of your ownership as your main residence. If so, principal private residence (PPR) relief should take away any CGT liability. As for your son, since the property is now his main residence, similarly, PPR relief should work for him on his half of the house. However, if you had lived together in the house until you die, then as HMRC’s Inheritance Tax Manual indicated (at IHTM14332, Example 1, section d), this is not a gift with reservation for inheritance tax (IHT) purposes. But if instead you decide to sell after a couple of years, then your transfer of half the house to your son will count for IHT purposes if you die within seven years of the transfer.