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Making a gift? Don't forget to tell the Taxman!

June 1, 2019

Most readers have probably heard of Capital Gains Tax (CGT) but how much do you know about the situations in which CGT is charged?
You could be forgiven for thinking that CGT is only payable when you sell an asset which is chargeable to CGT (e.g. a rental property) and
realise a ‘profit’ on the sale. But did you know that CGT can also be payable when you make a gift of an asset to, say, a family member? You
are not alone if this comes as a surprise to you and it is therefore worth examining some such situations that may give rise to an unexpected
CGT liability.

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