Crosswords0 min ago
Capital gains on gifts, new rules
1 Answers
I own 2 fields which I want to transfer, free of charge, to my daughters. I have had one since 1972, the other since 1980.
Because the market value of land is so much a matter of guess-work I thought it would be better to do part of the transfer next year to avoid capital gains.
Has the budget made a difference? What value would be the starting point if I waited?
Because the market value of land is so much a matter of guess-work I thought it would be better to do part of the transfer next year to avoid capital gains.
Has the budget made a difference? What value would be the starting point if I waited?
Answers
Only 1 answer
Best Answer
No best answer has yet been selected by dancecaller. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
Both of the fields would need a value as at 31/03/1982 for cgt purposes, a local estate agent could help. Unless the transactions were connected in any way you could do one before April 2008 and one after and receive 2 lots of exemptions but the new rules may mean you are better off doing them both before. It all depends on your current rate of tax and the amount of gain involved. You will need to do the maths to decide( or ask a tax advisor to calculate for you)
Only 1 answer
Related Questions
Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.