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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › CGT & IHT
Hi, when a person makes a lifetime transfer to another person, say a vase worth £100,000, then they survive 7 years after making the gift and the vase is exempt from IHT. However, at the time the gift is made, do they have to pay CGT on it? Gifts are chargealbe disposals in the CGT scope. I’m just surprised how much tax people have to pay just by giving things away. Many thanks.
Yes capital gains would have to be considered at the time of the gift. However it is unlikey the examiner will test CGT and IHT in the same question for this sitting. IF he does then deal with CGT issues independently to IHT issues
Hope this helps