Parents and grandparents are rushing to pass on property, cash and investments before a feared tax raid in October’s budget.
Lawyers have reported a surge in large gifts being made by families convinced that the government will target capital gains tax (CGT) and inheritance tax (IHT) to help to plug the multibillion-pound hole in the public finances.
They are racing to transfer assets — including second homes, buy-to-let properties, farmland, businesses, stocks and cash — amid concerns that any tax changes would take immediate effect from October 30. A straightforward transfer of property can take between three and four weeks, so time is running out.
CGT is levied on the profits made from the sale of property (other than your main home); businesses; shares and