Capital Gains Tax on gifted property from an uncle

[redfour]

Hello forum

I'd really appreciate some advice please.

My uncle and godparent is single and has no kids. He has a small parcel of land with a derelict house sited on it that he would like to gift to me. He bought the land approx 20 years ago for £29,000. I would say it's probably worth somewhere in the region of £150,000 today. He has a main residence and has never lived in the derelict property. Would he, or I, be liable for Capital Gains Tax should he gift it to me?

Thank you kindly in advance for any answers.

[bd6759]

Your uncle would be liable to CGT on the increase in value.

[pawncob]

As bd6759 says, he's liable to CGT, but if he leaves it to you in his will, assuming his total estate is under the threshold, you'll get it free of CGT.

[accutalk]

Hello forum

I'd really appreciate some advice please.

My uncle and godparent is single and has no kids. He has a small parcel of land with a derelict house sited on it that he would like to gift to me. He bought the land approx 20 years ago for £29,000. I would say it's probably worth somewhere in the region of £150,000 today. He has a main residence and has never lived in the derelict property. Would he, or I, be liable for Capital Gains Tax should he gift it to me?

Thank you kindly in advance for any answers.

Hello,
Since you have mentioned that the property has not been his main residence for all of the time that he has owned it, he is liable to pay CGT upon the disposal of property.
Your uncle is liable for the CGT minus the expenses such as stamp duty and legal fees.