CGT on Gifting part of a property
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thorvald
Apprentice
Joined: 20 Mar 2008
Posts: 2
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 Posted: 08/26/08 - 04:44 Post subject: |
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| I have recently started thinking about gifting part of my property. I would like to know how CGT works in my case. Is there CGT on giving away a part property? I am really not too experienced in these matters. If anyone could tell me, that would be great. Thanks in advance. |
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doug
Apprentice
Joined: 25 Apr 2006
Posts: 7
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| Posted: 09/24/08 - 23:38 Post subject: |
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When it comes to CGT, or capital gains tax, it is usually applied to the income you get when selling your home. Moreover, it only applies for second property, not the one you live in. However, when someone is giving you a gift, he will not pay any taxes. Your situation is not too different. You are gifting a part of your property, but it is still a gift nevertheless. That means that you will not be liable to CGT, except in the case the part of that property is substantially valuable (over several hundreds of thousands of pounds). However, as that is not likely, you can be sure there will be no problems with CGT. Best of luck.
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