PROPERTY SOLD AND GIFT TO DAUGHTERS

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Tax Consultant
297 Points Posted on 10 January 2024

Hi all,

Father has sold property in the month of Nov' 23 and want to gift the amount to his 2 daughters, what is the tax implication for this?

 

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On 10 January 2024 at 12:41 Report
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Quick Summary
A father has sold a property and intends to gift the proceeds to his two daughters. The query concerns the tax implications, specifically capital gains tax for the father. It's noted that gifts between blood relations are generally exempt from gift tax in the UK, meaning the daughters are unlikely to face any tax liability on receiving the funds.

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Accountant
1227 Points Posted on 10 January 2024
Father has to pay tax. capital gain tax, if any.

daughters are exempted from tax.
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On 10 January 2024 at 13:02
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Tax Consultant
297 Points Posted on 10 January 2024

Thank you.

 

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On 10 January 2024 at 13:16
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Profession
28271 Points Posted on 12 January 2024
Property sold capital gains.
gift tax implication.
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On 12 January 2024 at 18:16
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Accountant
1227 Points Posted on 13 January 2024
What gift tax implication? explain..
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On 13 January 2024 at 00:51
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Profession
28271 Points Posted on 14 January 2024
Blood relation gift tax is not applicable
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On 14 January 2024 at 09:49

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