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My client is UK resident and domiciled and is also a French national. She wholly owned two properties in France for more than 20 years neither of which had ever been her only or main residence (one was rented out).
Having taken only French tax advice she decided in 2010 to gift the properties to her two adult children (who are both UK resident/domiciled) by way of a ‘donation-partage’ which I understand has French capital gains tax and inheritance tax advantages.
The value of both properties had risen significantly since they were first acquired. A small amount French tax was paid on the gifts.
The transfer of the properties will be treated as having been made at market value under TCGA 1992 s 17 but the identification of relevant capital gains tax reliefs on the gifts have so far proved...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
