cgt applicable?

rikki95

I have a flat which I own outright. I don't want to sell it as I am sure it will attract CGT - I can't borrow against it as I have a poor credit history and I am too old. If I transfer the property to my son so he can remortgage it will we have to pay CGT - I know IHT may have to be paid if I die within 7 years but don't know whether CGT is applicable

I bought it in 1976 for 11k and the value is around 180k now - if I sold it to a 3rd party how much tax would I have to pay?

Many thx for any help

CLAPTON

do you live in the flat
have you ever lived in the flat

rikki95

Never lived in it but could do so in the future

CLAPTON

from what you say you are liable to pay cgt on the gain from March 1982

the cgt will be the same whether you give the property away or sell the property

John_Pierpoint

rikki95 wrote: »

I have a flat which I own outright. I don't want to sell it as I am sure it will attract CGT - I can't borrow against it as I have a poor credit history and I am too old. If I transfer the property to my son so he can remortgage it will we have to pay CGT - I know IHT may have to be paid if I die within 7 years but don't know whether CGT is applicable

I bought it in 1976 for 11k and the value is around 180k now - if I sold it to a 3rd party how much tax would I have to pay?

Many thx for any help

What is your net worth for IHT purposes.
You pay IHT at death not CGT.
Some people mess about with their estate withing 7 years of death and end up paying both.