Micawber
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Partial gifting of a rental property

Partial gifting of a rental property

 Would HMRC raise any objections to a husband and wife donating a part share each year of a rental property  they own to a different one of their 3 adult children? e.g. Year 1 - 1/3 share to the eldest; Year 2 - 1/3 share to the middle one, Year 3 - 1/3 share to the youngest. 

The reason for doing so would be to utilise 3 years' Annual Exemptions for Capital Gains Tax for the husband and wife.

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15th Jan 2013 10:30

Hello? Anyone? Some helpful comment would be appreciated. Should we contact HMRC and ask for their blessing? If so, how?

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18th Jan 2013 09:44

What I love about this forum is the total lack of response - cheers me up no end to be ignored completely and chatting away to myself like this. Well Micawber, what do you think we should do today? I'm really not sure - what do you think? I think you should forget this forum actually. Do you know - I think I will.

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By MJShone
18th Jan 2013 11:08

Don't know where this is posted..

..I've only picked it up from Latest Answers because you answered it yourself! Didn't spot it in Tax.

I can't see any objection to this and it's commonly done. I wouldn't contact the Revenue in advance and ask for their blessing.  They'll not comment in advance of it being done.

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18th Jan 2013 11:45

Thanks for that - helpful and

Thanks for that - helpful and appreciated.

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