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Would the gift of a house to an employed friend be a taxable benefit in kind?
A client has a variety of business interests including a trading company and a property management firm with a portfolio of residential and commercial properties. He and his wife also own some residential properties personally which are rented out.
The client uses the services of a personal assistant who is employed part-time by his trading company. She earns about £20 000 a year.
The assistant a single parent with a young family is experiencing difficulties in her private life. Our client who has known her for a long time as a personal friend would like to gift her a property that she and her children can live in.
Our concern is that if the gift is regarded as a benefit-in-kind a significant tax liability will arise.
Does the fact that our client would be making the gift in a personal capacity to...
