I own a private limited company, and my assets include a piece of land in Liverpool valued in the books at £45,000 but probably worth £65,000. I would like to give this to my son for free so that he can build a house. Would either myself or my son have to pay any taxes? 

Arthur replies: 

I am assuming that you own the land personally and it is not owned by the company. If the land was acquired or bought for less than £65,000 (its current market worth), you will have to pay capital gains tax on the difference. There will be no stamp duty land tax for your son to pay.