• Gifting Some Land For My Daughter To Build On

    By Guest on 13th Jul 2016

    What tax implications are there, do I do it before planning is granted or after? I donor live in the property, I live with my partner at present. My daughter lives there tempory whilst finding their first home, as she has a young baby. There is room to build in the orchard / garden, for their home. Advice welcome

  • 2 Answers

    By Guest on 14/07/2016

    It doesn't particularly matter whether the transfer takes place before or after planning permission is granted. You do need to make sure that you grant your daughter any rights she needs over the land you are keeping in the transfer and reserve any rights you need over the land you are transferring. Think about any covenants you might like to impose to restrict the way the land is used as well. Approach it as if you were transferring the land to a stranger because of course your daughter may one day sell it and you may one day sell your property, in both cases to strangers. As the land is a gift there are no stamp duty implications. I'm not sure about Capital Gains Tax. The other thing to note is that if you were to die within 7 years of making the gift it would be treated as inheritance and potentially liable for inheritance tax.

  • By Guest on 14/07/2016

    Thank you for the reply, appreciate it .

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