CGT on gift to daughter?

T

TripleA

Registered User
Messages
66
Hi,

I know there will be no CAT on the transfer of a house valued at €200K from father to daughter.

But will there be CGT @20% on the deemed disposal? (even though its gifted for zero) The house was purchased in 1967 for £200 (oh how times change...)
 
Is the house the Principal Private Residence of the father (throughout period of ownership) ?
 
then capital gains tax at 20% will apply to the gain. The taxable gain will be computed by taking the current value of the house and taking from that the value of the house in April 1974 multiplied by 7.528.
 
TripleA said:
Hi,

But will there be CGT @20% on the deemed disposal? (even though its gifted for zero) The house was purchased in 1967 for £200 (oh how times change...)
Click to expand...

The original owner has an asset worth €200,000. This asset is being passed to his/her daughter who will then have an asset worth €200,000. The fact that he/she is not charging the daughter does not negate the fact that a gain of €200,000 has been made.
 
You must log in or register to reply here.
Back
Top