Discussion
Right, I have just sold a property which I owned for 11 years, I am aware of the new rule surrounding capital gains tax.
However once the CGT is all settled i want to split the money remaining between family members.
My question is can I just give them a lump sum each with no limit, and will they be liable to pay tax on their lump once they receive it.
Many thanks
Pete
However once the CGT is all settled i want to split the money remaining between family members.
My question is can I just give them a lump sum each with no limit, and will they be liable to pay tax on their lump once they receive it.
Many thanks
Pete
I don't think so, but they might... IHT springs to mind, if the worst happened to you within 7 years of gifting them...
http://www.thisismoney.co.uk/tax-advice/inheritanc...
http://www.thisismoney.co.uk/tax-advice/inheritanc...
Thanks for the reply, as I see it then I can pay the CGT, split the remaining cash as I want with family members with no limits. However if I die within 7 years the cash i gave out will be added to my estate assets, and if the total exceeds £600000.00 then inheritance tax will be payable.
Pete
Pete
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