Clive Relf FCA
- Private Client Tax Partner
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View all peoplePublished by Clive Relf on 15 June 2020
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During lockdown, Evan and Enid, (both in their mid-sixties and recently retired) had given some thought to their longer-term financial needs and those of their 27-year-old daughter, Emma. Specifically gifting their buy-to-let (BTL) property to Emma.
Following a telephone call with us, the following was ascertained:
Our immediate thoughts
The possibility of giving the BTL to Emma was certainly worth investigating. One problem, however, was that such a gift would trigger a capital gains tax (CGT) bill of some £80,000 (based on the gain of £300,000).
However, we commented that:
The further good news was:
But things to watch out for included:
Gosh – lots to think about!
Evan and Enid were glad they spoke to us – they had plenty of food for thought and wanted to discuss matters with Emma to see what her future plans were and get her thoughts. They felt certain they would have some further questions for us before making a final decision – but were particularly pleased when we told them that we could deal with both the tax aspects and creation of the trust in-house.
To discuss the possible relevance of tax mitigation strategies such as this on your own affairs talk with your usual KR contact or contact us here.
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