what capital gains tax would be payable.

crom-well · Postby **crom-well** » Tue Oct 03, 2006 1:47 am

Hi,
My wife and i both pensioners purchased a poperty in 2000 but intend to transfer ownership over to our children,with equal share to each,however we would like know what the capital gains tax would be payable.
our value of this property is Â£12000 and this will be a gift to them.
regards rp

Peter D · Postby **Peter D** » Tue Oct 03, 2006 2:27 am

Have you lived in the property as your PPR, have you rented it out ( with details ) and how much did you pay for it.. Regards Peter

crom-well · Postby **crom-well** » Wed Oct 04, 2006 7:16 am

No it has not been our PPR ,and we have never rented it out.
We paid Â£9000 + Â£478 fees + the difference on improvements
Regards Joe

Instinctive · Postby **Instinctive** » Wed Oct 04, 2006 9:47 am

On the face of it, you have a capital gain of less than Â£2,500. This is well within the Â£8,800 annual CGT allowance.

Therefore, provided you do not have any other chargeable gains in the same tax year, there is no CGT on the transfer of the property to your children.

Ramnik