Chris Holmes and Paul Townson (BDO) provide a back to basics guide on this valuable relief.
The purpose of gift reliefs
Relief under TCGA 1992 s 165 is one of a small number of ‘holdover reliefs’ (or ‘gift reliefs’) available when certain chargeable assets are gifted wholly or partly to another person. Gift relief generally seeks to prevent tax from being a hurdle to the succession of acceptable assets by preventing a dry CGT charge arising on the gift.
Gift relief has been largely unchanged for more than 30 years and is available for:
business assets including shares and securities in certain trading companies (under s 165);
qualifying furnished holiday lettings properties (under s 165 as extended by ss 241 and 241A);
agricultural property that is not used in a business (under s 165(5)); and
gifts immediately chargeable to IHT (under TCGA 1992 s 260).
This article specifically...
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Chris Holmes and Paul Townson (BDO) provide a back to basics guide on this valuable relief.
The purpose of gift reliefs
Relief under TCGA 1992 s 165 is one of a small number of ‘holdover reliefs’ (or ‘gift reliefs’) available when certain chargeable assets are gifted wholly or partly to another person. Gift relief generally seeks to prevent tax from being a hurdle to the succession of acceptable assets by preventing a dry CGT charge arising on the gift.
Gift relief has been largely unchanged for more than 30 years and is available for:
business assets including shares and securities in certain trading companies (under s 165);
qualifying furnished holiday lettings properties (under s 165 as extended by ss 241 and 241A);
agricultural property that is not used in a business (under s 165(5)); and
gifts immediately chargeable to IHT (under TCGA 1992 s 260).
This article specifically...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
