Laura Poots

Pump Court Tax Chambers

Laura practises in all areas of taxation, offering advice on planning and also acting in the course of disputes and litigation. Her direct tax practice covers personal and corporate taxes. She has particular expertise in private client advice and planning for individuals, trustees and family businesses (UK and international). Laura’s indirect tax practice includes VAT, SDLT and landfill tax. She also advises on commercial and professional negligence disputes involving tax issues. Laura is qualified to accept Public Access instructions and is happy to accept instructions under the Special Advocacy Scheme, and the Joint Advisory Scheme.

Practice Area

Private Client

Panel

Contributing Author

Qualified Year

2007

Membership

Revenue Bar Association
London Chancery and Commercial Bar Association

Education

2002-2006: St John's College, Oxford (First Class BA Hons, Jurisprudence)
2006-2007: Bar Vocational Course, Inns of Court Law School (Very competent)

1 Contributions by Laura Poots

PRACTICE NOTES

UK CGT on Gifts: Market Value Rule, Spouses and Connected Persons, Hold-over Relief (TCGA 1992 ss 260 and 165), Business Assets, Non-Resident UK Property, Clawback, and Charity Transfers

Giving an asset away counts as a disposal for capital gains tax (CGT). This may, therefore, crystallise a CGT charge on any gain that is treated as having arisen. The general rule For CGT purposes, a gift is treated as a disposal for consideration equal to the asset’s market value. The recipient’s (donee or transferee’s) base cost is that market value. For details on the disposal value, see: Introductory guide to CGT. The same approach generally applies to any bargain not made at arm’s length, which can include a sale for less than full value, though not in every instance. Any gain arising on a gift or a sale at an undervalue is chargeable in the usual way, and losses are allowable in the normal manner. Gifts between spouses and civil partners A transfer to a spouse or civil partner will not give rise to any gain or loss, provided the couple are living together. The transferor is treated as making the disposal for an amount that produces neither a gain nor a loss. The transferee’s base cost is equal to that amount...

Private Client

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