Quick question about money

[sparkypete]

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

[siscar]

You can give them as much as you like and there will be no tax to pay so long as you survive for at least 7 years afterwards. If you don't the gifts, or a proportion of them, get pulled back into your estate for Inheritance Tax purposes.

[anonymous-user]

Did you live in the property for any period or was it just a buy to let investment?

If you lived in the property for more than a certain time then you don't need to pay CGT, but check that with your accountant of course!

Edited by anonymous-user on Saturday 9th August 17:40

[sparkypete]

I didnt live in the property and it wasnt rented out, my gran lived in it rent free. Shes gone now and I have off loaded it and want to split it with family members.
I thought the CGT was paid by me based upon the profit made on the property over the last 11 years with 18% deducted to Tax if I understand the new CGT rules correctly.

Thanks for the advise so far.

[E31Shrew]

Sorry Pete....Will delete my last post . not sure what I was thinking. Its your CGT allowance that is taken into account.

[sparkypete]

Yes mate I think its £9600.00 for the year

[sparkypete]

Can the CGT be paid in one lump sum to the tax man or do I wait for the end of my tax year next April