• Gift If Real Estate

    By Guest on 17th Sep 2016

    I am 82 years old. Propose to gift transfer my London property ( est value £700k) to my children. I am now retired and no longer need the property. As I used it 5 days a week while working in London, for purposes of CGT Liability, if any, can this be regarded as a permanent residence even if only in part. Also would the proposed gift involve stamp duty.

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    By Guest on 26/11/2016

    The gift wouldn't incur stamp duty and this is only calculated on the actual consideration (money or money's worth) that changes hands. As for, I'm not a tax expert. I think you might be able to nominate any property as your main residence but don't treat this as gospel, get proper tax advice.

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