Visit Professional Section

Questions And Answers

 

gifting

asked by Cowdry1 posted 3 Years ago at 9:44
I want to ideally gift a property owned by me to my son, without incurring captial gains tax. If i take a charge on the property will this help maybe to reduce cgt and iht?
1-1 of 1 Answers
Stephen Pett answered 2 Years ago at 16:11, last modified: 2 Years ago at 14:56
I guess you could take a charge and forgive £3,000 a year which is the maximum IHT exemption for a single person each year (or £6k if you and your wife owned the property).

CGT not my area but I imagine you could move that below the limit each year too.

If you make a larger gift you might want to talk to an IFA about Gifts Inter Vivos insurance to pay the IHT if you expire with 7 years of making the gift.
Quote
 
 

About Q&A

Get your questions answered by a unique network of professionals and fellow consumers for free. Share your knowledge and experiences by answering other consumer questions from the Total Investor community.

Q&A Categories