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Sam
Sam, Accountant
Category: Tax
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My wife inherited 50 per cent of a property on the death of

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My wife inherited 50 per cent of a property on the death of her mother.The other 50 per cent of the property is now owned by her daughter who has lived in the property since its purchase in 1996 approx.My wife is thinking of gifting her 50 per cent of the property to her daughter,this being the case is there any tax liability anywhere?
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HelloIf wife passes on the half to the daughter (or someone else), it’s treated as a gift and the 7-year rule applies.She must live for 7 years after giving the gift. Any gifts made less than 7 years before death count towards the Inheritance Tax threshold (£325,000). They count towards the threshold before the rest of the estate.If the transfer is a gift and there’s no consideration, SDLT doesn’t normally apply to the daughter.After you view my response, please post below if you need more information or if you need no further clarification a positive rating is appreciated.I know rating takes an additional step and I truly appreciate it when you take the extra time!
Expert:  TaxRobin replied 1 year ago.
The system says you viewed but you did not post or respond at all.
Expert:  Sam replied 1 year ago.
Hi There also may be capital gains IF there has been an increase in the value of the property between probate and your wife transferring her share to your daughter (even if no money changes hand) This is in addition to the advise that Tax Robin has given you. Let me know what any profit of value might be - and I will happily work out the capital gain position for you. Thanks Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13865
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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