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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 16456
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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My wife and i bought a house for our daughter but kept it in

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My wife and i bought a house for our daughter but kept it in our name as she was not very money wise at the time. We now wish to transfer it to her how do we stand on capital gains tax. No profit will be made.
JA: What are the assets or property for this capital gain?
Customer: A terrace house two bedrooms approx 62k
JA: Anything else you want the Accountant to know before I connect you?
Customer: No

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Are you saying that the value of the house has not increased since you and your wife bought it?

Customer: replied 3 months ago.
I do not think so

Thanks.

Leave this with me while I draft my answer.

TonyTax and other Tax Specialists are ready to help you

I'll call in a few minutes.

There can be no CGT if the value of the house at the time you gift it to your daughter is the same as it was when you and your wife bought it. In fact, as any individual can make tax free gains of £12,000 in the current tax year, there would be no CGT to pay if the property was up to £24,000 greater in value than when you bought it assuming you don't use your annual CGT exemption against other capital gains.

The value of the gift will remain in your own and your wife's estates for Inheritance Tax purposes for seven years after its made.

I hope this helps but let me know if you have any further questions.