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Gifting a Property

Gifting a Property to a child

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I have a client who is looking to transfer a property to her daughter to help her IHT planning.  What value is used for the gift?  There will be no cash consideration given and the property is a buy to let property which the daugher has been manging for her for some time and she now feels that now is the time to transfer the property to her.

Having done what everyone does and had a search of the tax books and then a search of the internet, I seem to get conflicting answers as to what will happen.  Will Market Value be used for CGT and SDLT?  If the property was purchased 30 years ago for £30,000, is that value used and then the daughter takes care of any gain in years to come when she sells the property?

Many thanks for the help in advance.

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25th Jun 2019 16:28

This isn't personal... I'm just frustrated with questions on AWeb at the moment.... total and utter ignorance of tax plus a little bit of help from contributors here is no substitute for engaging someone that actually has some basic tax knowledge.

With that rant out of the way, this next bit is personal... market value for CGT, actual consideration for SDLT.

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25th Jun 2019 16:44

secookie wrote:

If the property was purchased 30 years ago for £30,000, is that value used and then the daughter takes care of any gain in years to come when she sells the property?

Yep, that sounds spot on!

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25th Jun 2019 16:52

Duplicate

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