Capital Gain on Property Gifted to Children

Capital Gain on Property Gifted to Children

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A property that has been rented to a tenant since purchase in 1983 has now been sold.  The proceeds were in turn gifted to the owners adult daughter to use as a deposit on a house of her own.

Is it a case of a straight capital gain calculation on the parents, or are there any reliefs available?  Is there anything else I should be thinking of?

Any advice most appreciated.

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By Paul D Utherone
19th Jan 2015 14:41

The parents made the sale

The parents return the gain and pay the tax.

The gift to the daughter is a red herring for CGT. The parents will need to survive the gift for 7 years for it to be exempt from their estate for IHT

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By clearline
19th Jan 2015 16:07

Thank you!

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