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Posted Thu, 05 Dec 2024 15:30:48 GMT by Jonathan Burridge
I want to give my son 50% equity of a investment property. The property will be mortgaged and I plan to gift it to him, but, I am disposing of part of a property - so even though I am making a gift will i have to pay CGT?
Posted Tue, 10 Dec 2024 14:50:45 GMT by HMRC Admin 18 Response
Hi,
If you gift an asset or a share of an asset, in this case, proprety, to your children; you may be subjed to capital gains tax on that dipsosal.  There is a calculator at:
Tax when you sell property
to help you work out if there is a gain and links to help you report and pay any tax due within 60 days of the completion date.  Please also have a look at:
Capital Gains Tax: what you pay it on, rates and allowances.
Thank you.

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