two parent want to give their child one third of a rental property they own.
A) can they do this and keep the rental income themselves?
b) would the child incur any cost on receipt of the gift? or would the parents?
Replies (3)
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1. CGT is unlikely to be payable on the gift, unless your Annual Exemptions have been used elsewhere.
2. SDLT unlikely to be in point unless the property is mortgaged and above the threshold.
3. Rental sharing by non-spouses can be by agreement and does not have to reflect the capital sharing ratio/beneficial interests. Good paperwork is recommended.
Have you discussed the situation with your accountant?