My client wants to gift a piece of land to her neighbour's son.
Presumably the consideration is nil and not market value because her neighbour's son is not a connected person.
Therefore she should have no CGT to pay.
Please can someone confirm this.
Newnhambolton
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I'ts not that simple I'm afraid
The MV value rule applies automatically between connected persons but also applies to any bargain which is not at arm's length. A gift is clearly a non arm's length transaction and therefore it's MV.