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taxadvisor.uk, Chartered Certified Accountant
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If I gift a property to my children what is the value of

Resolved Question:

If I gift a property to my children what is the value of that asset for capital gains tax should they wish to dispose of it in the future.
Submitted: 5 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 5 months ago.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.

Expert:  taxadvisor.uk replied 5 months ago.

Thank you for your question..

As you will be gifting the property to a connected person, the value would be the current market value of the property for CGT purposes.

More information on transfer of assets between connected persons is covered on page CGN 4 here

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/354419/sa108-notes.pdf

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 5 months ago.
if they then want to introduce it into a limited company of which they are directors the value would be the karket value when they were given the property - is there a time limit before they can do this ?
Expert:  taxadvisor.uk replied 5 months ago.

Thank you for your reply.

If they were to introduce it to the company at a later date, they could transfer it at the value of the gift therefore making no further gain/loss to mitigate CGT or they could transfer it at a gain sufficient to cover their respective CG annual allowance.

There is no time limit before they can do it.

I hope this is helpful and answers your question.

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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4879
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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