Gifting can be a good option to reduce inheritance tax liability, but there are pitfalls
3 June 2021 • 1:22pm
Gifting a property is an increasingly popular way of reducing the value of an estate for inheritance tax purposes.
But there are other tax implications to consider and these vary according to whether you know the person you are giving the property to, their age and whether the property has a mortgage attached to it.
If a property is given away or sold at less than market value, any taxes will still be payable as if it was being paid for at market value, provided that the person receiving it is a connected person .
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