what is the CGT position where grandparents want to transfer a cottage to their child to mitigate their IHT position

Posted by davebrown123 PM | on Wed, 08/06/2011 - 21:41 2952 9 comments | report

Grandparents want to transfer a property (not their main residence) that had previously been let to their child to mitigate their own IHT liability. What is the CGT position as the property will be transferred at nil value.

Thank you

Comments

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IHT

TaxationPete | Thu, 09/06/2011 - 08:36

There will be a chargeable gain ....

MBK | Thu, 09/06/2011 - 08:37

I think this arrangement would need to be disclosed to HMRC

Katmandu | Thu, 09/06/2011 - 10:34

I beg to differ (in part)

MBK | Thu, 09/06/2011 - 13:54

Trust Cost

eagleaccountancy | Mon, 13/06/2011 - 11:38

Yes

MBK | Mon, 13/06/2011 - 13:09

Tax Planning - CGT and IHT

Ermintrude | Mon, 13/06/2011 - 14:01