Transfer of property

Transfer of property

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Father & Mother have a number of rental properties and have made an outright gift of one property to their disabled son no strings attached.

The son now lives in the property and has taken over the mortgage.

Is there a CGT liability on this kind of transfer?
Anon

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By johnhughesaca
15th Nov 2007 11:20

Connected party
Father and mother will have a Capital Gains Tax 'event' as at the date of transfer. They will be treated as if they sold the property to the son at market value. They need to get professional advice.

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