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Hi. Could someone please clarify what requirements HMRC have for citizens to evidence a potentially exempt transfer (PET)? Is a letter sufficient for a gift made and does that have to be signed by both parties and if so does that in turn have to be witnessed? Is any other evidence required? Thankyou. Rob

Hello. I would be very grateful if someone at HMRC could please advise me on the following. We are considering gifting a rental property to our son. CGT aside (which we would settled ourselves with HMRC), if the property remains tenanted our son wishes us to remain as landlord (which I understand we can do) and he to have nothing to do with that beyond ownership. Since we will continue to be the landlord on the contract, will the rental income be viewed as income by myself (and wife) or thereafter as our son’s income (for income tax purposes) and can our son elect income to be viewed as ours if he doesn’t want to start doing annual tax returns (which he doesn’t want to do). We and our son are all basic rate tax payers and so the tax take will be the same whoever actually has to pay the tax. Many thanks!

Hi. Could someone please confirm my understanding regarding on what date a gift of a property incurs a CGT (where one is due)? My understanding is that the relevant date for any CGT charge due (known as the ‘date of exchange’ I believe) is when the property is actually accepted as having been gifted by the two parties involved (lets say as a document of gift between them) rather than the date that HMLR actually processes the necessary paperwork and amends the record of proprietorship in the Register at some later date. Is that correct and is there a lime limit after the ‘date of exchange’ by which HMLR must have amended ownership or is that not even required? Many thanks. Rob