Body & Soul0 min ago
tax law on property
we have transfered the equity of our 2nd home to our son we have not made a finacial gain are we liable under the CGT laws
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Provided you transferred it at the market value prevailing at the date of transfer, then there is capital gain, so no tax to pay.
But you should be made aware that HMRC are wise to people transferring assets to other people at a price different from the true market value as a means to avoid tax.
The way to assure that this didn't happen would be to have an independent market appraisal of the property, with a written output to be waived in front of HMRC, if necessary.
But you should be made aware that HMRC are wise to people transferring assets to other people at a price different from the true market value as a means to avoid tax.
The way to assure that this didn't happen would be to have an independent market appraisal of the property, with a written output to be waived in front of HMRC, if necessary.
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