Deed of Gift-meaning of 'consideration'

Clarification required if the phrase consideration refers to the amount paid or the value of gift

Didn't find your answer?

I would be grateful for any advice

I am trying to work out a cgt liability but am struggling with the value at the date of gift- 1987- but I believe was in the region of £47500 

In 1987 a deed of gift was made of a property and worded thus

-"---is hereby comfirmed that the action here affected does not form part of a larger transaction or series of transactions in respect of which the amount or value of the consideration exceeds 30k"

Now, does this mean that the property was worth less than 30k at that time (which i dont believe it was- and as there was no valuation how was it established ?And if it was to keep below stamp duty why did it matter as there was none payable as it was a gift.)

OR

Was it the amount of money paid for the property - which also doesnt make sense as it was obviously less than 30,000 as it was a gift!

 

would be grateful for any clarification

thanks

Replies (4)

Please login or register to join the discussion.

avatar
By Wanderer
28th Jul 2017 20:17

Just sounds like standard conveyancing wording as Stamp Duty 0% band was up to £30,000 back then.

Thanks (0)
Replying to Wanderer:
avatar
By Cavan
28th Jul 2017 20:26

Thanks- so we are saying it has no meaning then i think you are saying?.

Thanks (0)
By johngroganjga
29th Jul 2017 06:02

The consideration is the price paid. As it was a gift there was no consideration.

Thanks (1)
Replying to johngroganjga:
avatar
By Cavan
31st Jul 2017 16:27

Thanks John. I cant imagine why it was even mentioned in that case- bizarre.

Thanks (0)