Capital Gains Tax on gifted property

Dick_Turpin99

getmore4less wrote: »

The EA might have been talking about when you come to sell not when gifted but who knows.



Whats the plan once a place is built?
Live in?
development to sell?

Develop & keep it for myself to live in - selling is def. not an option here.

We have the green light for planning

Dick_Turpin99

leveller2911 wrote: »

Yep must be a real bummer being given a Barn to convert .

Did you know that thousands upon thousands of people would love to be in your position?, "Being gifted a barn and costing me £20k"...... Some people ,you just can't help...........

thats the way the cookie crumbles :beer:

getmore4less

!!!!!!_Turpin99 wrote: »

Develop & keep it for myself to live in - selling is def. not an option here.

We have the green light for planning

Should be able make this tax efficient(zero).

You also want to look into the VAT situation on the build there may be something you can do there as well.

Lavendyr

You need to speak to a properly qualified tax adviser, not an estate agent and not a mortgage adviser either. Your estate agent will not be a qualified accountant or tax specialist and has no place in giving you such potentially misleading (or outright incorrect) information. But you should definitely see a qualified tax adviser to discuss the tax implications of this gift, as it could have CGT implications (which a good tax adviser can help you to minimise, legally) and potentially inheritance tax implications as well, depending on the nature of the transfer.

Dick_Turpin99

O.K. a big thank you to you all for the replies. Good advice. Makes me feel easier on how to approach the matter now.

Fire_Fox

Don't apply for planning until the barn has been gifted to you, PP will increase the value of the barn substantially.

Dick_Turpin99

Fire_Fox wrote: »

Don't apply for planning until the barn has been gifted to you, PP will increase the value of the barn substantially.

No, absolutely not. We'd "wised" up to that one