Telw12

You say: “There is the possiblity that disposing of the property or gifting the property to your son, will result in you, your husband / wife / civil partner, being liable to capital gains tax on the disposal / gifting of the property”. Q: How would capital gains be due? We paid £250k for property 10 yrs ago say it’s now worth £325k & we gifted son the property & he immediately sells for 325k, who would pay capital gains & why? Thank you

We are pensioners and own a property that we rent out as a buy-to-let as a source of income. The intention is/was for my son to inherit this property. His present circumstances are he would benefit from having the proceeds from the property now. If we gifted the property to him now and he sold it straight away, what are the tax implications if any for us and him. Also as we would lose the income from the rental is he allowed to help with. Regular payments to help with living costs (we found this info online). “There's no inheritance tax liability should you help loved ones with everyday living costs. This could mean sending a monthly payment to an elderly parent, former partner or child under 18-years-old. Again, there's no limit to how much money you can give but your gift must not affect your standing of living”. Is this information we found correct? Doing this would not affect his standard of living as the proceeds would have gift sale would make him mortgage free. Thank you.