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Gifting Property, Money & Shares: What the UK Tax System Actually Says
Manage episode 493637424 series 3613614
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Gifts can be a useful tax planning tool, but they can also come with unexpected tax bills if you don’t understand the rules. In this episode of The Tax Compass Podcast, Simon and Laura dig into the tax implications of gifting assets in the UK, from property to shares to money.
You’ll learn:
- What taxes apply when gifting property: CGT, SDLT, and IHT
- How married couples and civil partners can gift to each other tax-efficiently
- Why stamp duty can still apply even if no cash changes hands
- The 7-year rule for inheritance tax (and what happens if you die before then)
- Real-life stories where a gift unexpectedly triggered tax
- What to consider when putting property into a trust for children
- The difference between legal and beneficial ownership
- How to use Form 17 and a declaration of trust to adjust ownership between spouses
- Why timing matters and why many opportunities can’t be applied retrospectively
With upcoming changes to UK inheritance tax and non-dom status rules, this is an episode you don’t want to miss if you're planning to pass on wealth.
Pay the right tax in the right place at the right time.
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🎧 Catch up on all past episodes: https://lsrpartners.com/podcast-videos
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