How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Sam Your Own Question
Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13863
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
16196420
Type Your Tax Question Here...
Sam is online now

I want to gift my property to my son 21st Birthday.

Resolved Question:

I want to gift my property to my son for his 21st Birthday. I have been told that if I do this outright, as it is not my main residence, I would have to pay Capital Gains Tax. I was advised to put in in Trust with at least 2 Trustees for at least 3 years and the property could then be put in my son's name with no tax implications. Is this correct and if so, can you suggest someone who can set up this Trust for me, or can any solicitor do it?
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.

Hi

Thanks for your question - I am Sam and I am one of the UK tax experts here on Just Answer.

I am afraid even the placing of this property (that is not your main residence) into trust will trigger a capital gain event. And it would appear that this is what you were advsied could be avoided if this property was placed in trust.

So be mindful of this, but then to advise, any solicitor can action the setting up of trusts

Thanks

Sam

Sam and other Tax Specialists are ready to help you

Related Tax Questions