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Gifting money, rental property to children
simon2018
Posts: 68 Forumite
in Cutting tax
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
==
Re IFA, they felt he was more about 'investment trusts,' which in their opinion costs a load of money
Thanks
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
==
Re IFA, they felt he was more about 'investment trusts,' which in their opinion costs a load of money
Thanks
0
Comments
-
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-tax0 -
Who is gifting - husband, wife, both?Free the dunston one next time too.0
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