Hello all and thank you for taking the time to read this, i'm hoping someone could shed some light on this....
Due to my personal financial situation in 2012, I sold my property to my parents under market value at £145k (was worth £200k) they paid £75k cash and £70k mortgaged (I then carried on living there). now in 2017 i'm in a better financial position and I'm ready to buy the property back, my parents have no interest in making money from this they just want their £145k. The property is now valued at £300k. How does this work with Capital gains tax? I have been told they would have to pay CGT on the difference between £145k (selling price) and £300k (Market value) I cant see how this can be right as how can my parents be charged capital gains tax when they haven't made any gains from it?
I very much look forward to your views/advise.
John
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