Transfers and Gifts of Property
If you are making a gift of property or a transfer without payment of the full price there are many points that may need consideration;
- Will there be a liability to pay Capital Gains Tax?
- Are there Inheritance Tax implications?
- How will it affect assessments for future long term care?
- What will happen if the person making the gift goes bankrupt?
- What is the position if there are creditors owed money?
- Are there any third party claims against the property?
- What happens if in the future there is a divorce?
Anyone intending to give away property or accept less than the full value should, for their own protection and also for the protection of the recipient, receive independent advice.
If you would like advice and assistance contact:
Clair Dunkerley, Head of our Private Client department on 01429 235616 or direct dial 014209230034 or firstname.lastname@example.org