Which is Better: Capital Gains Tax or Inheritance Tax for Gifts?

International Tax Advice for US & UK Expats

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If you are looking for a new property tax specialist or international tax advisor then please visit the website of Optimise Accountants: www.optimiseaccountants.co.uk/ and see how Louise Misiewicz and Simon Misiewicz can help you
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Please ensure that you register for our free UK tax saving seminars: www.optimiseaccountants.co.uk...
Read our article on Avoid Paying Capital Gains Tax (CGT) and Inheritance Tax (IHT) to HMRC - Gifts to children www.optimiseaccountants.co.uk...
#Tax #HMRC #IHT
In this video you will learn about
- Pay no Capital Gains Tax or Inheritance Tax on gifts to children
- What is inheritance tax
- When do UK landlords have to pay IHT to HMRC
- Why do you pay Capital Gains Tax (CGT) when making a gift to a child
- How do you reduce CGT and IHT when making gifts to children

Опубликовано:

26 июл 2024

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Комментарии : 92

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Free IHT Calculator: www.optimiseaccountants.co.uk/inheritance-tax-calculator/

@petekelvin2736 3 года назад

I don't know who, but someone actually needs to hear this, you've got to stop saving all your money. Venture into investing some, if you really want financial stability

@petekelvin2736 3 года назад

Invest globally in bitcoin, gold, silver, forex market, commodities. Just don't be left out and save yourself

@micheal9186 3 года назад

Beautifully said, I tell my folks these words everyday. It's good to save money but most people don't understand the market moves and tend to be misled in facts like this and always depend on money in the bank.

@susanmandy8800 3 года назад

Pure wise comment.

@investwithqueenie5491 3 года назад

I understand the fact that tomorrow isn't promised to anyone, but investing today is a hard thing to do because i have no idea of how and where to invest in these?

@petekelvin2736 3 года назад

@@investwithqueenie5491 Hey, this is a computer age. Peeps who aren't even traders make money from the crypto and forex markets ,how many millionaires do you know who have become wealthy by investing in savings accounts?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Tell us more about your situation here survey.zohopublic.com/zs/n0BUzb. Feel free to read our article www.optimiseaccountants.co.uk/knwbase/gift-property-to-children/. Why not join us at one of our live events? Register here: www.optimiseaccountants.co.uk/monthly-seminars/.

@naomihutcheon225 3 года назад

Hello , when you transfer property into the Trust based on your comments/legislation there is no CGT. However, is the property at the time of transfer re-based for CGT purposes, otherwise when the property is eventually passed to children (9 yrs in your example) they will have inherited at the original purchase price and then they will pay the CGT on the gain when sold?

@Simon-Misiewicz-US-UK-Taxes 3 года назад

You need to get tax advice on this as it is quite complex with a number of tax elections you can make

@bsrfursociety3427 2 года назад

great video, really helpful, thank you. Just one question, when the properties are taken out of the trust after say a year, is there CGT payable then? Also, do they have to come out, can my son benefit from them whilst still in the trust, ie have the rental income?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Depending on the type of trust that you are using there could be a capital gains tax liability for the trust itself. Again, depending on the trust will dictate what happened to the income and how it is also taxed

@rosminkarim2479 2 года назад

Hi Rosmin Karim

@Simon-Misiewicz-US-UK-Taxes 2 года назад

@rosminkarim2479 2 года назад

Interested

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Good to hear

@GarryWebster 3 года назад

Brilliant video Simon, very helpful Just a quick question: this seems like a held over gain? so, the CGT when (if) the child sells, is it due at the amount when transferred or say at amount its worth in year 9? thank

@Simon-Misiewicz-US-UK-Taxes 3 года назад

There are ways of CGT relief altogether way by you utilise your inheritance tax lifetime allowance instead

@GarryWebster 3 года назад

@@Simon-Misiewicz-US-UK-Taxes thanks mate

@wrzlgummidge7663 2 года назад

Another great video Simon. Q: I own a small BTL portfolio, in my name only, no mortgages. If I want to transfer to joint ownership with my wife, would CGT apply? Thanks in advance

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Possible but there is a potential incorporation relief that may be obtained. This is a detailed question and tax advice from your accountant is a must

@fredlhy 2 года назад

Great video, Simon. Does my child have to reach a specific age before I can gift my property to him?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Not at all, any age

@vp2272 3 года назад

once you use the IHT NRB for the transfer into the trust, does this mean that you lose that amount of NRB going forwards?

@Simon-Misiewicz-US-UK-Taxes 3 года назад

The £325,000 IHT allowance will be reset after 7 years.

@MrTanahmed 3 года назад

Is it an absolute that the property is mortgage free to be able to move into a gift trust? Would moving to a trust result in change of ownership?

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Yes and yes again as a quick answer

@bobshifimods7302 3 года назад

How much is a solicitor going to cost to do this work and where can I find one?

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Great question as they all vary but reach out to Tim Bishop Solicitors www.bishopslaw.co.uk/our-people/partners/tim-bishop/

@bobshifimods7302 3 года назад

@@Simon-Misiewicz-US-UK-Taxes Thanks for the quick reply. Here's something I've encountered that in my view is sharp practice at best, A major local solicitor offered to do the work on condition that I visit a financial advisor for a full consultancy and it's one they are associated with. Hence I'd be paying (I imagine) £500+ for absolutely nothing.

@Simon-Misiewicz-US-UK-Taxes 3 года назад

I’m sorry to hear about your personal experience.

@mohammadahmed8171 3 года назад

Is there any taxes on gifting residential property?

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Yes, CGT and possibly SDLT. There could also be a IHT issue

@sitaldilay3465 3 года назад

Is there any Capital Gains Tax or Inheritance Tax if I gift my main resident to my sons?. I intend to move into my smaller Buy to Let house.

@Simon-Misiewicz-US-UK-Taxes 3 года назад

There could be both. You will need to seek tax advice for your particular situation.

@natmarie1977 2 года назад

Hello, I am looking for some help/advice in passing on a property to an adult child. I own a property that i bought for my son and now want to sign it over. what is the best way to do this please? Do I need an accountant or an estate Planner? thanks

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Hi Sam, you can get tax advice from us using the below URL. Please use the code RU-vid25 to get a 25% discount optimiseaccountantsltd.as.me/optimiseaccountantstaxconsultation

@razamushahid 2 года назад

Hi Simon.thanks for the video I am sure you are the right person to ask.Simon I have a property in my name with 25k loan left and planning to buy another after 6 months. Can I transfer my property to my brother and after buy second property to avoid stamp duty. As property is not buy to let will there be a capital gain tax? Last if I want to discuss my situation in detail can you please refer any reliable solicitor.

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Best bet is to book a tax call with us using the code CRM20 to get a 20% discount. You will only need 30 minutes optimiseaccountantsltd.as.me/optimiseaccountantstaxconsultation

@razamushahid 2 года назад

@@Simon-Misiewicz-US-UK-Taxes Simon can I get contact number

@tirathplaha6840 2 года назад

Hi, If I gift my PPR to my kids, do I have to pay CGT?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

You cant gift PPR but you can gift the property and could alleviate CGT

@gina-gt9845 2 года назад

Very useful video, Simon. If I have 2 residential properties/houses. Can I keep 1 as my primary home and another one I want to give it to my son. The property which I want to give it to my son, can i put this into a trust for between 1-9 years? and the one is my primary home, can i sell it without CGT (do i have to pay CGT)? Much appreciated for your advice.

@Simon-Misiewicz-US-UK-Taxes 2 года назад

You certainly can achieve all those things. There are ways to mitigate CGT but as you will appreciate is a complex situation and needs to be discussed with your accountant

@gina-gt9845 2 года назад

@@Simon-Misiewicz-US-UK-Taxes thanks Simon for your quick reply. Can you advise me which accountant firms are good to discuss about this please? Thank you

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Your accountant that you use for self assessments or us at Optimise www.optimiseaccountants.co.uk/

@gina-gt9845 2 года назад

@@Simon-Misiewicz-US-UK-Taxes Thank you. I will contact your firm later.

@h.a1671 3 года назад

Whats the shortest amount of time the property can remain in a trust? Once its in the "childs" hands is it then able to be remortgaged?

@h.a1671 3 года назад

Great videos BTW

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Thank you for the kind comments. I would say keep in the trust between 12 to 18 months and then move to beneficiaries hands to get a mortgage

@h.a1671 2 года назад

@@Simon-Misiewicz-US-UK-Taxes can you use a trust to gift property to a limited company which is owned by your children 🤔

@Simon-Misiewicz-US-UK-Taxes 2 года назад

This may be a little too complex to discuss here sadly

@celiahall6168 3 года назад

What’s the minimum child age to gift/trust to my child?

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Good news is that there is no minimum age

@nixodian Год назад

no cgt on children if they live in the gifted property, right?

@Simon-Misiewicz-US-UK-Taxes Год назад

There is no CGT on the person gifting the property if they have always lived in the property. IHT could still be due within 7 years of the gift

@nixodian Год назад

@@Simon-Misiewicz-US-UK-Taxes its regarding the children who receive the property gift, they don't have to pay iht (if gifter survives 7 years) AND no cgt if the children live there as their main home. correct?

@Simon-Misiewicz-US-UK-Taxes Год назад

This is all correct

@Simon-Misiewicz-US-UK-Taxes Год назад

👍

@vethalouis2172 2 года назад

I would like to gift my one ofmy buy to let property to my niece. Would you be able to give me a fixed price? Is there an email where I can send details of my case? Would you be able to arrange a solicitor as well?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

You can certainly gift a property to your niece. You do need to think about capital gains tax and inheritance tax implications. A solicitor will need to draw up any legal transfer of a property to your niece. You can book a tax consultation with us using the code CRM20 to get a 20% discount off your consultation optimiseaccountantsltd.as.me/optimiseaccountantstaxconsultation

@JonJon-wr3sd 3 года назад

I own many buy to let properties in a business and there is my sisters name as she is a director. I want to eventually leave to my children and they all mortgages on them. How do I protect myself and my children? Thanks

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Hi Jon Jon, that is a great question but one that would never be answered on a RU-vid thread due to the complexities

@JonJon-wr3sd 3 года назад

@@Simon-Misiewicz-US-UK-Taxes thank you. How could I get my answer as happy to paybfor advise. Thanks

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Feel free to use the code RU-vid25 to get your 25% discount here optimiseaccountantsltd.as.me/optimiseaccountantstaxconsultation

@rosminkarim2479 2 года назад

I need help to build my portfolio

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Reach out to Bronwen Vearncombe to get in some training, support and education.

@rosminkarim2479 2 года назад

Interested