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Ask JGM Your Own Question
JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 12195
Experience:  30 years as a practising solicitor.
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I have a commercial property bringing in 40k per year. I

Customer Question

I have a commercial property bringing in 40k per year.
I have no loan or mortgage on this property. I would like to gift it to my live in partners daughter. What are the implications for tax on this in Scotland the current value of the property is 350 to 400k
Submitted: 19 days ago.
Category: Scots Law
Expert:  JGM replied 14 days ago.

Thank you for your question. I am a solicitor in Scotland. When did you buy the property and how much for? Is it owned by you as an individual or by a company?

Customer: replied 12 days ago.
I personally own the property and have done for 10 years I pay tax on the income and paid £350k for it in 2008 this was a commercial loan from Clydesdale Bank. The income of 40k has paid the loan over the years I am now loan free and wish to gift this property to my live in partner and her daughter. I have other properties that I am selling as I wish to retire.
Expert:  JGM replied 12 days ago.

Thank you for your question. I am a solicitor in Scotland. So there has been virtually no gain on the property since you bought it? That being the case there would be no capital gains tax or if there was a small gain you can offset the first £11400 or so by way of your personal allowance and also acquisition, disposal and refurb costs. You should not have any other tax issues. Happy to discuss further. I hope that helps. Please leave a positive rating so that I am credited for my time.