Tax Implications of Gifting a Buy-to-Let Property?

Q.3 Tax implications of gifting a buy-to-let property? Can I gift a buy-to-let property in Manchester to my son, and if so, will I have to pay any taxes?

Arthur Weller replies:

You can gift a buy-to-let to your son. For capital gains tax (CGT) purposes, it will be treated as transferred at today’s market value. If that amount is higher than the amount you paid for it originally, you will have to pay CGT on the difference. Your son will not have to pay any stamp duty land tax because he is not paying anything to you for the property (I am assuming that the property is not subject to a mortgage).