Question:
Is gifting my son a share of my second home to avoid capital gains tax acceptable to HMRC?Arthur Weller replies:
I am afraid not. Any gift to a connected person (e.g. a son) is treated like a sale at market value. See www.hmrc.gov.uk/manuals/cgmanual/CG14530.htm. So even though you may receive no money from your son, HMRC will treat the transfer as though you did, and you will have to pay capital gains tax.
