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What tax will arise if I gift something to a friend.They says gifting an asset at undervalue gives rise to cgt and also to iht.so if a question says someone gifted something to a friend should i calculate cgt or iht.
A gift of an asset in lifetime may indeed create both an immediate chargeability to CGT and a future chargeability to IHT. The question, however will CLEARLY STATE whether you are to compute the CGT implications of the gift or the IHT implications, so you need not worry about knowing what question is being asked – you must of course know how to deal with the CGT or IHT implications!!