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lacie
Apprentice
Joined: 04 Feb 2008
Posts: 10
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 Posted: 07/19/09 - 08:47 Post subject: |
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| Hi. I have been thinking about giving my property to my daughter while I am still alive, instead of waiting for my death. But the question is whether we should then pay heavy taxes on the transfer. Can you clarify that for us please? I would be very grateful for any comments. |
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husain101
Apprentice
Joined: 04 Apr 2007
Posts: 2
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| Posted: 08/18/09 - 01:47 Post subject: |
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| If you want to sell your house beneath the value, or give it away for free, you are obliged to pay the so called gift tax on it. You, as the donator of the property are responsible for fulfilling your obligations towards the Inland Revenue. However, in some cases the receiver of the property might accept to pay for the tax. |
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