Property Tax Advice & Planning

Buying or selling property can have several tax implications, including Stamp Duty Land Tax (SDLT), Capital Gains Tax (CGT) and potentially inheritance tax. The taxes that apply will depend on the type of property, how it is owned and your individual circumstances. Seeking advice early can help you understand your liabilities and identify available reliefs.

Yes, you can gift money to help your children purchase a property, but there may be inheritance tax implications. Most outright gifts to individuals are potentially exempt transfers and generally fall outside your estate for inheritance tax purposes if you survive seven years. Other arrangements, such as loans or trusts, have different considerations. It's important to understand the implications before providing financial support.

Joint tenants own a property together, with ownership automatically passing to the surviving owner when one dies. Tenants in common each hold a defined share of the property, which can be passed on through their Will. The structure you choose can affect inheritance, succession planning and how property income and gains are taxed.

Effective planning can help manage potential inheritance tax and Capital Gains Tax liabilities when transferring property or passing it on through your estate. Options may include making use of available exemptions and reliefs, reviewing ownership structures and considering lifetime gifts or trusts. The most appropriate approach will depend on your circumstances and long-term objectives.