CGT - Gift Relief

Question 1

The Deferral Relief

Deferral Relief is Where:

Answer 1

A Gain is Deferred Against The Base Cost for The Donee.

Sometimes Called ‘Holdover Relief’.

Question 2

Qualifying Assets

Gift Relief is Available for ‘Business Assets’, Such as:

Section 165 TCGA 1992.

Answer 2

• Shares in an Unquoted Trading Company;
• Shares in a Personal Trading Company;
• Assets Used in Business;
• Agricultural Land and Buildings.

Question 3

Claiming Gift Relief

Gifts Between Individuals Always Require:

Answer 3

A Joint Election.

Gifts to Trusts Are Not Caught by This Rule.

Question 4

Claiming Gift Relief

The Time Limit for a Gift Relief Claim is:

Answer 4

4 Years From The Tax Year End of Disposal.

Inadvertently Made When Filing The Relevant Tax Return