Gifting of Property subject to CGT?

Is the gifting of an investment property to a child, nephew or neice subject to CGT?

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Is the gifting of an investment property to a child, nephew or neice subject to Capital Gains Tax?

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By David Ex
22nd Jan 2022 22:25

27SUN wrote:

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.

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Replying to David Ex:
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By 27SUN
23rd Jan 2022 20:55

David,

Thank you for the amendment's to my post. Really appreciated

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By Tax Dragon
22nd Jan 2022 22:34

Yes of course.

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By Paul Crowley
23rd Jan 2022 02:26

Yes

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By Hugo Fair
23rd Jan 2022 21:35

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.

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paddle steamer
By DJKL
24th Jan 2022 09:57

Is it by any remote chance a FHL?

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