The transfer of an asset from an individual or a trust is a disposal for CGT purposes irrespective of whether any consideration is received. There are two available CGT gift holdover relief claims – under TCGA 1992 s 165 and s 260. The reliefs aim to prevent tax from being a hurdle to the succession of acceptable assets by ensuring that a dry tax charge does not arise on a gift. Section 260 is in place for a transfer of value on which there is an immediate charge to IHT even if no IHT is actually paid as a result of IHT exemptions and/or reliefs. Typically s 260 relief is available on transfers of value to and from trusts but it is also available on several other types of transfers. For the donor an election results in the chargeable gain being reduced by the held...
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The transfer of an asset from an individual or a trust is a disposal for CGT purposes irrespective of whether any consideration is received. There are two available CGT gift holdover relief claims – under TCGA 1992 s 165 and s 260. The reliefs aim to prevent tax from being a hurdle to the succession of acceptable assets by ensuring that a dry tax charge does not arise on a gift. Section 260 is in place for a transfer of value on which there is an immediate charge to IHT even if no IHT is actually paid as a result of IHT exemptions and/or reliefs. Typically s 260 relief is available on transfers of value to and from trusts but it is also available on several other types of transfers. For the donor an election results in the chargeable gain being reduced by the held...
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