I wish to gift a property, that has been let out to third parties in the past, to my son who wants to move out of our PPR and into the gifted cottage. This gift as it stands will incur a substantial CGT liability.
To reduce the liability I propose to transfer a 50% share to my wife before the gift is made. I then propose to transfer slices of ownership say 25% per year over 4 tax years to enable both my wife and I to benefit from our annual reliefs and pay any tax due at the lower rates. It will in effect equate to a shared owner scheme. He may or not pay us rent n the shares remaining in our ownership!
Each transfer will be declared at full open market, in accordance with TGA 1992 SS 19 and 20.
Is there any apparent issues with such an idea?? Any advice most appreciated.
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