Is the gifting of an investment property to a child, nephew or neice subject to Capital Gains Tax?
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PLEASE CAN SOMEONE ADVISE ME, Is the gifting of an investment property to a child, nephew or neice subject to Capital Gains Tax? MANY THANKS FOR PROVIDING YOUR PROFESSIONAL ADVICE.
Fixed that for you.
As others have said ... by default, Yes, the gift is treated as realisation of the asset (using MV in the absence of the proceeds from a sale in order to calculate CGT).
However there can be exceptions ... of which the best known is where the property counts as the 'primary residence' of the donor - unlikely here as it is described as an investment property!
And of course side-stepping CGT can leave donor or donees facing other tax bills.