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Making Gifts of Land with a change of Government possible within a year.

Jeremy Heal provides a trimely review of the intricacies of gifting land.

1 May 1996

Jeremy Heal provides a timely review of the intriciacies of getting land.

The season of making gifts is upon us again. This is not exactly Christmas, but the anticipation of a change of Government to a less favourable tax regime.

The present tax regime is highly favourable to gifts; indeed apart from a short period in the late 1980s it has never been as good within the memory of most people. By and large there is no stamp duty, no inheritance tax if the donor lives for seven years, no capital gains tax if the assets qualify as business or agricultural property, and no VAT or income tax unless the property is used for a business.

Not surprisingly there is at present something of a rush of gifts.

However, it is unfortunately true that many gifts are either completely invalid, or made at quite a different time from when the Parties thought they were made. Take a few examples, which may be familiar:

1. A gift of a cheque is no...

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