Hi,
I hope someone here can help, or at least point me in the right direction to find out more.
My parents gifted me and my siblings their property in Cyprus in the previous tax year, which was then sold in this tax year and the proceeds split equally (£74k each). They are non-dom but we are all UK residents.
Do any of you know if I need to declare the acquisition of this on a self assessment form this year, and then next year declare the income from it? The property value did not increase between it being gifted and sold. Also, will there be any tax to pay on this (capital gains or income), apart from potential inheritance tax should the worst happen?
Thanks in advance!
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