Capital Gains Tax on gift

getmore4less

CTA wrote: »

Only Sterling gifts are free from CGT. As already stated, IHT may be payable.

If you look at my post above, i already say that there is no CGT on sterling gifts.

However, to state that there is "no tax on gifts" as the other user does, is simply dangerous.

there is no tax on gifts.

CGT is a tax on the owner of an asset on disposal the gifting status is irrelivent.

it is vary rare for gifts to be subject to IHT they use up the nil rate band(oldest first) so the total of all gifts in the 7 years prior to death need to exceed the nil-rate band before they even have a chance of being taxable and only the newest gifts that take the total over nillrate are subject to IHT.

CTA_2

getmore4less wrote: »

there is no tax on gifts.

CGT is a tax on the owner of an asset on disposal the gifting status is irrelivent.

it is vary rare for gifts to be subject to IHT they use up the nil rate band(oldest first) so the total of all gifts in the 7 years prior to death need to exceed the nil-rate band before they even have a chance of being taxable and only the newest gifts that take the total over nillrate are subject to IHT.

Taking in turn, whether a gift of a property may be subject to a tax charge, the answer is yes there may be a tax charge.

This is not a technical forum, it is a forum where lay people receive some advice. Making a statement such as "there is no tax on gifts" is completely misleading/wrong.

Why would we require a Gift Relief in TCGA 1992 if there was "no tax on gifts"?

CTA_2

00ec25 wrote: »

blatantly obvious - your signature block against his none existent signature block and your attempt thereby to create credibility in every post you make compared to his one time only reference to his professional standing

there are many accountants on here who are more self effacing than you and do not rely on "disclaimers" to cover the fact that you have set yourself up to appear as a qualified professional but (quite understandably) wish to avoid professional negligence issues

If you PM me the details of what exactly you would like me to apologise for, I would be happy to do so.