Gifting money, rental property to children

simon2018

Hiya
We had some relatives over yesterday and they have consulted an IFA but none the wiser.

They want to as follows:

Gift a rental home to adult child not married, valuation 220k - no mortgage on it.

Gift about 150k to adult child that is married.

Questions:

Will there be stamp duty, their guess is no.

They are aware re caps gains, bought property for 200k in costs.

A solicitor will need to be involved re property gift, what costs in your opinion, like in the midlands.

They have a nice home worth about 600k and several rental properties and none have debts.

They have cash close to 180k


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Re IFA, they felt he was more about 'investment trusts,' which in their opinion costs a load of money

Thanks

xylophone

https://www.gov.uk/guidance/sdlt-transferring-ownership-of-land-or-property

See above re gifts of property.


The relatives are gifting a property that is not their main home so need (as you say) to consider CGT.

There could be IHT implications.

They can make a gift of cash to their married child - no immediate tax implications but there could be IHT implications.

https://www.moneyadviceservice.org.uk/en/articles/gifts-and-exemptions-from-inheritance-tax

kidmugsy

Who is gifting - husband, wife, both?