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Sam
Sam, Accountant
Category: Tax
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Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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Can I put my second home in trust for my son without paying

Customer Question

Can I put my second home in trust for my son without paying capital gains tax or inheritance tax providing I live for another 7 years?
Submitted: 3 years ago.
Category: Tax
Expert:  Sam replied 3 years ago.

Hi

 

Thanks for your question

 

I am afraid any transfer will trigger a capital gain - even one where a transfer to a trust takes place, as this is a change of ownership of the property.

But I will advise that the gain position will be market value at todays date less the 1982 value (due to rebasing) so the gain may not be as sever as you thought.


I am sorry the news is not better.


Please feel free to ask for any further points on this matter, but if you could rate the level of service I have provided, it would be appreciated, as this ensures I am paid.


Thanks


Sam

 

 

 

 

Expert:  Sam replied 3 years ago.

Hi

 

Please advise if you had any follow up questions. or wished to clarify anything.


Thanks


Sam

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