What is a gift?

Strictly the word `gift' should only be used to describe a transfer from one person to another for no consideration at all, including gifts in settlement to trustees, see CG35700. However, because most of the Capital Gains Tax reliefs for gifts also apply to disposals at less than market value, in this section of the guidance the word `gift', unless it is clear from the context, is used to refer to any transaction other than a bargain at arm's length. The date of a sale below market value, once it has completed, is the date of the contract. The date of an outright gift is the date upon which the gift became effective (see CG14260).

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