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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13915
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I am a UK citizen and want to transfer some property I own

Customer Question

I am a UK citizen and want to transfer some property I own (a small complex comprising a shop, flat and offices) to my two children - then hope to survive seven years! This property has increased in value by around 60% since I bought it. Would I be liable to capital gains tax when the ownership transfer is made? If so, at what rate?
Submitted: 4 years ago.
Category: Tax
Expert:  Sam replied 4 years ago.

Hi

 

Thanks for your question

 

Yes you will be liable to capital gains tax, due to the change of ownership of this property. The rate of capital gains, will probabaly be at 28%, as I suspect your annual income is more than £42475 each tax year.

 

Thanks

 

Sam