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    • simon2018
    • By simon2018 7th May 18, 1:44 PM
    • 66Posts
    • 30Thanks
    Gifting money, rental property to children
    • #1
    • 7th May 18, 1:44 PM
    Gifting money, rental property to children 7th May 18 at 1:44 PM
    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.


    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


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

Page 1
    • xylophone
    • By xylophone 7th May 18, 2:35 PM
    • 28,371 Posts
    • 17,172 Thanks
    • #2
    • 7th May 18, 2:35 PM
    • #2
    • 7th May 18, 2:35 PM

    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.
    • kidmugsy
    • By kidmugsy 8th May 18, 4:31 PM
    • 12,480 Posts
    • 8,840 Thanks
    • #3
    • 8th May 18, 4:31 PM
    • #3
    • 8th May 18, 4:31 PM
    Who is gifting - husband, wife, both?
    Free the dunston one next time too.
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