Understanding Capital Gains Tax on Gifts of Property to Family Members

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Are you looking for advice on Capital Gains Tax when gifting or giving away an asset?

It is often overlooked that when giving away, or "gifting" an asset, there is a potential that this may cause a Capital Gains Tax ("CGT") liability to become due.

This may be the case even when no money or any other consideration at all is received in exchange for the asset, meaning that while you don't receive anything in exchange for the asset that you gave away, you still have CGT to pay.

The good news is that, here at The Tax Faculty LLP, we are experts in helping those clients who wish to give away an asset - perhaps as part of planning for the future, or to help a family member or loved one.

If you are looking to gift an asset, then we can help you to make sure that any CGT that you may be liable to pay is reduced to the lowest possible amount - all within the legislation available.

We have experience of a number of clients who have contacted us recently as part of the process of gifting a property to a family member.

Once we had taken all of the information and worked through the required CGT computations, we were able to use our extensive experience and expertise to make sure that the correct treatment was followed for CGT purposes, as well as assisting with further tax planning for the family so that they were as tax efficient as possible.

To see if we can help you with the CGT consequences of gifting of a asset, why not contact us for a free consultation? Call us free on 0800 0016 878 or email us at info@thetaxfaculty.co.uk for more information.

Please note, non-UK callers may need to call 0207 101 3845 if your line cannot connect to our 0800 number.