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Gifts
batthrower
Posts: 4
Newbie
My wife wants to sell a house her father left her in2015.she has been renting it to her daughter.
1.can she gift money from the sale to her 2 daughters without them being penalised.
2 would she have to pay capital gains on any of money she got from sale.
1.can she gift money from the sale to her 2 daughters without them being penalised.
2 would she have to pay capital gains on any of money she got from sale.
0
Comments
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1. Yes, there is no gift tax in the UK, however for IHT purposes the gift would remain in her estate for 7 years.
2. Yes, as it has not been her primary residence since she inherited CGT would apply to the gain in value (less selling costs) over the last 10 years.0
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