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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15914
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I have a second property. Am I allow to make a gift to my

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I have a second property. Am I allow to make a gift to my children of thi property without paying capital gains tax? it is now considerably more vaulabel than when first aquired
Thank you
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi.

Can you tell me what type of property it is and how it has been used during your ownership of it please.
Customer: replied 1 year ago.

It is a flat in central London and used by friends occasionally. We have owned it for 15 years

Expert:  TonyTax replied 1 year ago.
Thanks.

You cannot holdover the gain on a non-business asset I'm afraid. If you make a gift of it to your children it will be a disposal for Capital Gains Tax purposes based on the open market value and a gift for Inheritance Tax purposes. You may be entitled to relief for any period that the property was your main home at any point and, if it was your main home and it was let, you may be entitled to letting relief. Take a look at HS283 and here for more information.

I hope this helps but let me know if you have any further questions.
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