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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 10159
Experience:  FCCA FCMA CGMA ACIS
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If I gift a rental property to my child do I have to pay

Customer Question

Hi if I gift a rental property to my child do I have to pay gain tax immediately or I can spread the cost
JA: What are the assets or property for this capital gain?
Customer: Basically I have block of flats rented with HMO licence but would like to gift one flat to my daughter
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: Yes the property is freehold
Submitted: 13 days ago.
Category: Tax
Expert:  bigduckontax replied 13 days ago.

Is the title to each flat split?

Customer: replied 13 days ago.
No
Customer: replied 13 days ago.
The whole building on my name title I inherited it in 2007
Expert:  bigduckontax replied 13 days ago.

There is the first and rather expensive problem, you will have to split the flats' titles before you can make the gift.