Capital Gains Tax
Capital Gains Tax can arise in many different situations. If you transfer away or sell an asset which has gone up in value, the gain is usually subject to CGT and usually at 28%.
There are ways to avoid, reduce or postpone the tax. Contact us for advice tailored to your needs.
Another danger area is where a client transfers the house to one or more of the children perhaps in the hope of avoiding care costs. Unless the child lives in the property, any future increase in the value of the property will be subject to Capital Gains Tax when the property is eventually sold. For that reason alone transferring the property to a Trust is much better than transferring to family.