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I wish to gift our flat to our Daughters - what are the tax

Resolved Question:

I wish to gift our flat to our Daughters - what are the tax implications
Submitted: 3 years ago.
Category: Tax
Expert:  TaxRobin replied 3 years ago.
Hello,
When you gift property you must see if you have any capital gains tax to pay.
The amount received for your property is usually the sale price but when you gift it you use the market value as the sale price.
The market value is the price it might reasonably be expected to have fetched on a sale in the open market.
Next is how much it cost. The length of time you owned it and how you acquired is important. If you owned the property at 31 March 1982 - you use its market value on that day. You inherited it after 31 March 1982 - you use its market value on the date of death of the person who left it to you. If those do not apply then what you paid is the cost.
Now you can see if you have a gain by using the calculation:
Cost - Sell price(less fees to sell).
If this was your home then you can use the Private Residence relief.
You would not owe tax.
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15046
Experience: International tax
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