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Tax Help

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My friend is going through a divorce and to cut a long story short, one of their three properties is going into a trust fund for their children. The property will then be rented out and the rent use… Read More
Lilly_White Avatar
8y, 9m agoPosted 8 years, 9 months ago
My friend is going through a divorce and to cut a long story short, one of their three properties is going into a trust fund for their children. The property will then be rented out and the rent used as maintenance untill the chidren come of age, at which point the house will belong to the children.

What will happen as regards to capital gains? Any thing else she should be aware of?

Thanks in anticipation
Lilly_White Avatar
8y, 9m agoPosted 8 years, 9 months ago
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#1
Cant answer but this website is full of people who can

http://www.taxationweb.co.uk/forum/
#2
as long as the person(s) who give the gift remain alive for 7 years after the gift, there is no capital gains tax payable. whether this applies now or when the property transfers into the kids' names, i don't know.

best off speaking to an accountant who will be able to tell you the tax implications of this.
#3
The 7 year rule is for inheritance tax not capital gains tax, you need to speak to an accountant as the consequences will be client specific. Do not listen to advice from people who are not qualified as this could be costly. The amount of time I have clients saying their mate down the pub told them something! Usually a load of cr*p!
#4
MANJ_007
Cant answer but this website is full of people who can

http://www.taxationweb.co.uk/forum/


Thanks. Have posted there after your recommendation, still waiting for a reply

PapaSmurf
as long as the person(s) who give the gift remain alive for 7 years after the gift, there is no capital gains tax payable. whether this applies now or when the property transfers into the kids' names, i don't know.

best of speaking to an accountant who will be able to tell you the tax implications of this.


Thanks PapaSmurf, might have to speak to accountant but was looking for some 'free' advice

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