Non-resident/non-domiciled owner of a UK residential property gifts that property to her son's UK based limited company.
Is this a market value gift for NRCGT?
Non-resident/non-domiciled owner of a UK residential property gifts that property to her son's UK based limited company.
Is this a market value gift for NRCGT?
Replies (5)
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I'm not going to read past s1A(3) TCGA 1992 unless you can suggest a reason why the answer would be "no".
Are they related? Oh, it doesn't matter; the clue was in the g-word.
Yes. It is treated as sale at market value. And the tax is due 30 days after completion date.
Damn - my copy of Tolleys is out of date.
Hunted down on legislation.gov.uk and have the answer. Thanks for the pointer.
I have had a quick peek at the old law and concede it is far less clear. At least, you would have to read a lot further (so much so that I'm not going to, although I can't believe the answer would be any different).