• Tax

    By Guest on 12th Aug 2015

    Hi... I wish to transfer the title of my mortgage free property to my children. No money will be taken ( Classed as a gift ) and they will not be selling the property either, but I will still continue to take the declared rental income. How does this fit ? Would it be subject to cgt ? Many Thanks, A Baker.

  • 5 Answers

    By Guest on 12/08/2015

    Hello, you should seek specialist tax advice but if any of your children already own a home then yes capital gains tax could apply. Also if you die or go in to a care home within the next 7 years then inheritance tax may still be payable or you may have to pay some care home fees as applicable

  • By Guest on 12/08/2015

  • By Guest on 12/08/2015


    Capital gains tax "could" apply ? "Specialist tax advisor" comments would be appreciated. This answer is not an answer ....

  • By Guest on 15/08/2015

    Among the factors that affect the capital gains tax will be payable are the value of the assets and the value of any other assets gained during the particular tax year. You may be able to offset the value of the rental income against the value of the asset. The point I was trying to make is that there is no straightforward answer to the question and this is a situation where you should probably get professional advice.

  • By Guest on 15/08/2015

    Among the factors that affect the capital gains tax will be payable are the value of the assets and the value of any other assets gained during the particular tax year. You may be able to offset the value of the rental income against the value of the asset. The point I was trying to make is that there is no straightforward answer to the question and this is a situation where you should probably get professional advice.

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