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Gifting property / CGT
masjntt1977
Posts: 71 Forumite
Hi, I’m not sure if this is the best forum to ask in, please move or delete if not.
I have a second property that my daughter currently lives in that I would like to gift to her
I have a second property that my daughter currently lives in that I would like to gift to her
My daughter would like to sell the property and use the proceeds of the sale towards purchasing a bigger house at some point but has been unable to find anything suitable over the past 3 years
I understand that making such a gift is classed as a sale at market value and there would be capital gains tax to pay
Could I spread the gain over tax years i.e. s gift a 50% share of the property in 2019/2020 and then gift the remaining 50% on or after the 6th April 2020 to take advantage of two years capital gains tax allowance
Alternatively
Could I gift a 50% share of the property to my daughter making us equal joint owners and then offset both my daughters and my own capital gains tax allowance when the property is sold ?
Any advice appreciated- thank you.
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