Hi Everyone. I have a simple question that I am hoping someone here can help with. My 3 siblings and I all own an equal share in a property we inherited from our Grandfather some years back. We have not sold it as we could never all agree to sell at the same time and it is not worth a great deal anyway being located in a fairly marginal regional area. We keep it as it is handy when we want to go home for a visit to friends and relatives but other than that it does not get used much and costs a small amount each year in rates and maintenance but still cheaper than a hotel or the hassle of imposing ourselves on others. Our older sister now lives OS permanently having married and settled in the US and doesn't want anything more to do with the property. She has agreed to transfer her share evenly amongst the remaining three siblings as a "gift of love and consideration" - no cash involved in other words. However before going ahead we are a little concerned about tax and whether we can afford to do this. We realise there will be a land transfer tax to pay and we can cover that easily enough - but how will this affect our income tax situation? Will this share be considered as income when transferred and will we be liable for tax on it? Thanks in advance for any guidance on this matter.