Hiya
A rental property we bought years ago for about 200k, now worth 500k.
We want to gift this to our married son and he is already living in it.
We will pay CGT if we gift it to him at 28% as we are higher rate taxpayers.
Question: If a few years down the road our son decides to sell up (still his main residence) and move and lets assume the property is now worth 600k after improvements and costs, will the 100k be treated as CGT therefore needing to pay CGT ?
If the above is true, ie our son having to pay cGT on the 100k - would you recommed we sold the property and gave him the case as a gift on the 7 IHT route and also we pay the CGT
I hope I'm clear.
Thanks in advance.
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