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My clients are parents who purchased property for their two minor children which is being held by trustees until they reach the age of 18. One of the children has now reached the age of 18 and a one-half share of each of the three properties involved has been transferred into her name.
My clients are parents who purchased property for their two minor children which is being held by trustees until they reach the age of 18. One of the children has now reached the age of 18 and a one-half share of each of the three properties involved has been transferred into her name.
My query is whether capital gains tax arises on the transfer of the properties out of the trustees' names and if so can it be deferred until the beneficiary sells the property at some time in the future or is it the case that no chargeable gain arises thereon and that the children's acquisition value for capital gains tax purposes is the date and cost of the original purchase when they were minor children?
Taxation readers' advice would be very welcome.
Query T17 060 — Uncertain.
Reply by Lacuna:
The answer...
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