Good Afternoon,
I hope someone can help.
We have lived in our house with our children for 20 years, in total the house and garden is 400 square meters, we have obtained planning permission to build a small 3 bedroom house in our garden.
We would like to gift the plot to our two children one aged 18 and the other aged 23 as this would be the only way they would get on the property ladder in the South East.
I understand the IHT rules as far as the 7 years, but would we have to pay CGT as we as parents would not benefit financially, in fact probably loose a bit on the price of our own house.
Our children intend to live in the new house and not to sell in the next few years at least. We would also carry on living in our house.
We would loan them the money for the build without interest to be paid back as a percentage of what they earn.
Thank You
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