Capital Gains Tax

sallybb | 15:08 Sun 10th Feb 2008 | Personal Finance

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We own a piece of land which we have owned for 23years for the grazing of our own animals. If we give our daughter the land and have the deeds put in her name. If she was to sell it on at a later date, so she can use the procedes towards her first property, will she be subjected to Capital Gains Tax, if yes. Can anyone tell us of a way around CGT . Thanks

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Norwich Union "Section 32" pension transfer

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dzug

You will be liable for CGT on disposal of the land to your daughter now.

She will be liable for CGT when she sells it and will be regarded as having acquired it at the market value on the day of transfer.

Ways round CGT? Use all the allowances.

Die - but then it's replaced by inheritance tax.

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