Capital gains on gifts, new rules

dancecaller | 22:02 Sat 20th Oct 2007 | Business & Finance

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I own 2 fields which I want to transfer, free of charge, to my daughters. I have had one since 1972, the other since 1980.
Because the market value of land is so much a matter of guess-work I thought it would be better to do part of the transfer next year to avoid capital gains.
Has the budget made a difference? What value would be the starting point if I waited?

Qualifications for property letting

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lazza

Both of the fields would need a value as at 31/03/1982 for cgt purposes, a local estate agent could help. Unless the transactions were connected in any way you could do one before April 2008 and one after and receive 2 lots of exemptions but the new rules may mean you are better off doing them both before. It all depends on your current rate of tax and the amount of gain involved. You will need to do the maths to decide( or ask a tax advisor to calculate for you)

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