GIA - Capital Gains Tax

nmaria

EthicsGradient said:

The gain is made when you sell the land; giving the proceeds to your children won't avoid the gain, or the tax.

EthicsGradient said:

The gain is made when you sell the land; giving the proceeds to your children won't avoid the gain, or the tax.

Thank you. Not sure how it works as I have been told that I can give some as a gift to my husband to deduct from tax. 

nmaria

MX5huggy said:

Have you considered using pension as well as ISA as a tax wrapper? 

Can you explain the tax wrapper?

eskbanker

nmaria said:

EthicsGradient said:

The gain is made when you sell the land; giving the proceeds to your children won't avoid the gain, or the tax.

Thank you. Not sure how it works as I have been told that I can give some as a gift to my husband to deduct from tax. 

Transfers of assets between spouses prior to disposal are treated differently from gifting proceeds to children.

nmaria said:

MX5huggy said:

Have you considered using pension as well as ISA as a tax wrapper? 

Can you explain the tax wrapper?

This is one of the issues with hijacking threads - that comment related to OP's different scenario, and won't be relevant to someone selling some land.