9:56 AM, 27th June 2022, About 3 months ago 22
In 2009 my son-in-law got into financial difficulty and I repaid all debts and the mortgage on their property and took ownership of their home allowing them to remain in the property rent-free. At the time I paid 209k for this property.
I now wish to get the property out of my estate and gift the property to my daughter. This is valued today at approximately 400k. I understand if I gift this property there is likely to be a CGT liability on the increase in the value of the property between the 2009 acquisition and today’s date namely a taxable profit of 191k.
I wondered if there is a legal way to eliminate or indeed considerably reduce the tax liability on this gift. We have explored the costs and implications of putting the property into a trust and also considered leaving it in our estate neither have worked out as a Realistic option and would end up costing more.
The gifting would be our favourite route but we would like to reduce the tax liability. We would welcome any suggestions.