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JGM, Solicitor
Category: Law
Satisfied Customers: 12088
Experience:  30 years as a practising solicitor.
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I would like to gift my buy-to-let property to my

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I would like to gift my buy-to-let property to my daughter and for capital gains tax purposes I would like to do this in stages, i.e. 25% each year for the next 4 years. I am told this is allowed but I don't know exactly what I have to do? Do I need an accountant or a solicitor for this and do I need to inform the Inland Revenue by letter or just state it on my annual tax return? I have an up-to-date valuation of the property.
I would be grateful for your advice.
As regards ***** ***** just deal with the value of the transfer of the quarter shares on your tax returns based on the value at accustom and the value at disposal. To actually do the four transfers you need your solicitor to draw up a conveyancing deed of 25% of the value of the property and register the deed on your daughters name and so on over the four years.
Customer: replied 2 years ago.
Can the deed of gift of 25% each year be drawn up without using a legal representative ?
Can the Land Registry be informed only after 100% of the property has been gifted ?
How is CGT worked out if my total income is above the basic rate threshold ?
No, a quarter of the title would be registered each tax year so you would need your lawyer to deal with the transfer of each quarter.
CGT is worked out at 28% for a higher rate tax payer with an annual exempt amount of £11,100.
JGM and other Law Specialists are ready to help you
Customer: replied 2 years ago.
Thank you for your quick replies.
Currently I am a basic rate taxpayer. If the gain in one year takes my total income into the higher rate tax threshold, is the CGT calculated wholly at 28% or is a proportion payable at the lower 18% ?