Have Tax Questions? Ask a Tax Expert for Answers ASAP
There is the Capital Gains Tax to look to when you dispose of property that is not your home.
Disposing of an asset includes giving it away as a gift, or transferring it to someone else.
You only have to pay Capital Gains Tax on your total gains above an annual tax-free allowance.
The tax-free allowance is £11,100. You may also be able to reduce your tax bill by deducting losses or claiming reliefs. Your gain is usually the difference between what you paid for your asset and what you sold it for.
The market value when you transfer to your son would be the sale amount.
I would suggest you speak with your tax professional so they can do an estimate for you prior to the transfer.
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