Ask a Law Question, Get an Answer ASAP!
Hi, thanks for your enquiry. If you were to sell and give £x amount to your 2 children, there would be no liability for CGT at all. As regards ***** ***** position is that if you were to survive for a period of 7 years from the date of the gift, the amount of the gifts would NOT form part of your Estates when calculating if IHT is payable. If you were to die within 7 years of making the gifts, the whole amount of the gifts or a percentage of it would still be classed as being within your Estates when it comes to calculating any IHT liability. The amount of the gifts attributable to your Estates is calculated on the following basis and is called "taper relief".
This is how it would be-