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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15749
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I HAVE A SECOND PROPERTY WHICH I WOULD LIKE TO "GIVE" TO MY

Customer Question

I HAVE A SECOND PROPERTY WHICH I WOULD LIKE TO "GIVE" TO MY CHILDREN. IF I DO SO I UNDERSTAND THAT THERE WOULD BE NO INHERITANCE TAX TO PAY IF I SURVIVE 7 YEARS.IF I MADE THE GIFT WOULD I HAVE TO PAY CAPITAL GAINS TAX ON THE GIFT AND IF SO CAN THAT BE "AVOIDED" IN SOME WAY?
THANK YOU
Submitted: 10 months ago.
Category: Tax
Expert:  TonyTax replied 10 months ago.
Hi. I'm afraid that, unless you are entitled to some reliefs which reduce the gain such as main residence relief and letting relief or the property is a furnished holiday let, then there really is no way to avoid a Capital Gains Tax liability when you make a gift of the property. Take a look here for information on the main residence and CGT. You might consider gifting it in stages over a number of tax years so as to use a number of annual CGT exemptions and pay tax on a reduced gain. However, an increase in the property's value may work against you. I wouldn't recommend trusts because of the Inheritance Tax 10 year and exit charges even though a CGT liability may be deferred. I hope this clarifies your situation but let me know if you have any further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15749
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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Customer: replied 10 months ago.

Thank you very much.

A rock and a hard place as my family will have to sell the home to pay inheritance tax!!

Expert:  TonyTax replied 10 months ago.
Thanks.

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