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  • FIRST POST
    • simon2018
    • By simon2018 7th May 18, 1:44 PM
    • 47Posts
    • 24Thanks
    simon2018
    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
    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
Page 1
    • xylophone
    • By xylophone 7th May 18, 2:35 PM
    • 25,374 Posts
    • 14,970 Thanks
    xylophone
    • #2
    • 7th May 18, 2:35 PM
    • #2
    • 7th May 18, 2:35 PM
    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-tax
    • kidmugsy
    • By kidmugsy 8th May 18, 4:31 PM
    • 10,574 Posts
    • 7,234 Thanks
    kidmugsy
    • #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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