Hi
I am resident and uk deemed domiciled..
My parents are foreign nationals resident and domiciled abroad(never been to uk).
My father died last month leaving me and my mother a house abroad.
However I do not wish to take anything from my father and wish to gift my share of the property to my mother.
My question is that will I have pay any Capital Gains tax in the UK if I gift this foreign property to my mother who is resident and domiciled abroad?
Will the Capital gains tax be calculated on the full market value OR only on increase in value since my fathers death?
Will I have to pay any inheritance tax immediately? The value of my share is approx £60K?
Is there a tax efficient way of doing this?
Thanks
Mdchabax
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