Hi, i was wondering if someone could comment/share their views.
I own a property which is my main residence for the whole period i owned it. Now i am buying a new property which will become my main residence going forward. I am transferring the first property to my mother, she is not a resident in the UK and she will rent it out. I am transferring it to her as a gift, nil consideration. The property has gone up in Market Value since i bought it, so as far as i understand, even if i transfer to her at nil consideration, we do report the current market value to the Land Registry at the time of transfer?
The main concern/unclear point: If my mother is to sell this property later on, given this won't be her main residence, she would be subject to CTG. How will this CTG be calculated: from the market value we reported to Land registry at the time of transfer? Or from the value i paid for the flat when bought it 4 years ago? or zero to market value the flat will be at the time she sells it (zero is based on the fact that i transfer it to her now at nil consideration)?
Your comments are greatly appreciated.
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