Pay CGT or Inheritance Tax?
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zia
Apprentice
Joined: 19 Jan 2006
Posts: 4
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 Posted: 02/06/08 - 05:58 Post subject: |
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| We would like to transfer our whole property to our children while we are still alive. We don’t know what taxes we should pay. Is it a CGT or Inheritance tax? Is it somehow possible to avoid paying those taxes, or at least to reduce them when transferring property? I heard about reliefs can reduce taxes, is that true? |
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will
Apprentice
Joined: 04 Jun 2006
Posts: 12
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| Posted: 03/06/08 - 23:08 Post subject: |
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| Transferring property is taxed as capital gains tax but it is true that there are certain reliefs that reduce CGT and they are: indexation relief, taper relief, gift relief and annual exemption. I think gift relief is convenient because if the children agree to receive it you would pass free of capital gain tax. Some gifts can be exemption of inheritance tax but they are not related to the property. |
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