Gifting 50% of 2nd Property

We would like to gift 50% of a second property to our son who currently lives there. Can you confirm for CGT that we would then just split the 50% profit made between myself and husband and then pay capital gains tax. Please can you let me know what valuations would be acceptable. Is an Estate Agent enough or RICS? THX

Hi,
That is correct and it would be an estate agent valuation to confirm the market value.
Thank you.

In a similar situation - gifting 49% to my adult son who lives in a second property I own and retaining 51% myself. How do you work out and declare a disposal of part of this asset when the CGT form assumes 100% CGT liability (maybe I’m missing something?)? Should I just write the price I bought the house and the current market value as 49% of what I actually did / it’s current market value or should I request a paper form and write an explanatory covering letter? Thank you.

Hi
You will base all your figures on the percentage you are gifting and the form asks how much you are disposing of.