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28 August 2012
Happy holidays?; Robbed twice; Capital to income; Seven years’ time
Happy holidays?
My clients (a couple) have a holiday home held as joint tenants and showing a substantial capital gain.
They have health issues and are using it less and less and this may stop completely in the next few years. My clients’ son and his wife who have their own young children are using it more and more.
They propose to give 25% of the property to their son and his wife and this should not generate a capital gains tax liability because it will be covered by their two annual allowances.
The gift will be documented at the Land Registry and the running costs – council tax water rates services – will be in the name of both families and will be paid from a joint family bank account. The remaining 75% of the property will be...
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