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Where Taxpayers and Advisers Meet

Gifting and CGT

denaro
Posts:14
Joined:Tue Oct 15, 2019 7:47 am
Gifting and CGT

Postby denaro » Tue May 07, 2024 9:22 am

I’m selling property to my daughter. However I’d like to gift a part of it to her. What amount can I gift without CGT kicking in

bd6759
Posts:4324
Joined:Sat Feb 01, 2014 3:26 pm

Re: Gifting and CGT

Postby bd6759 » Tue May 07, 2024 9:44 am

Capital gains tax is payable on gains that derive from a disposal.

You are disposing of a property to your daughter. The gain will be determined by taking the difference between its current market value and the amount you paid for it.

Gifting all or part of the value does not affect CGT.

Jholm
Posts:386
Joined:Mon Mar 11, 2019 4:22 pm

Re: Gifting and CGT

Postby Jholm » Tue May 07, 2024 12:18 pm

You aren't gifting part as such, you are selling at undervalue.

For CGT purposes, it will be treated as if it were sold at full market value - see "connected persons" guidance


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