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IHT - 7yr rule
Tax Planning and Financial

Robert
Robert
1 Thanks
40 Posts
1 year ago
0

I have a large property divided in to two flats - (duplex and single bed) owned jointly with spouse and have never used as main dwelling as an adult but inherited when parents passed some 30years ago. Value in excess of £300,000. Daughter living in duplex.
We are considering gifting the property to her, hoping to live next 7 seven years :¬) as we are both in good health.

  1. Do we declare the gift or just keep details of transfer with our will for future executors?
  2. Is there a CGT liability on top of possible IHT?

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