Gifting Property

[Hook Shot]

One of my mates clients (he's a hairdresser) wants to gift him one or more of her properties. She is in her 60's and the gift(s) are uk based and she does not live in them or occupy them. She has owned the properties for over 10years. Properties valued at £150k to £200k each she thinks....

Anyone know about the CGT implications ?

As for IHT we know a little about Pot Exempt Transfers but is there a neat way around this via trusts or something ? What's the cost cos heard there was a fee for trust transfers ?

Would welcome your assistance



Thanx in Advance

 

[Trader333]

With this kind of money it would be better to seek professional advice. That said you can gift items and the last I remember was that as long as she lives 7 years no tax will be incurred.


Paul