Bjorn
You will be treated as having acquired the flat at its open market value at the date it was gifted to you, as you are a connected person with your grandmother.
Any gain relative to the deemed acquisition price would potentially be subject to UK CGT less any available deductions and reliefs, i.e:
Costs of sale (legal and agency fees etc.)
Open market value at date of acquisition
Costs of acquisition (legal and search fees, survey fees, stamp duty etc.)
Indexation allowance (if bought prior to 31 March 1998)
Improvement expenditure
Indexation on improvements (if undertaken prior to 31 March 1998)
Capital losses arising in the same tax year
Taper relief (from 1 April 1998)
Unused annual exemption(s)
Losses brought forward
Your status as a non-UK citizen does not directly affect your liability to CGT. If you are non-resident and not ordinarily resident you will not be liable to UK CGT but may be liable to tax in the jurisdiction where you are resident. Otherwise you will have a possible UK tax liability.
If you would like me to determine whether you have a tax liability please let me have full details of your personal circumstances.
Nigel Lord
Lord Associates
Taxation & Business Consultants
Caxton House
Old Station Road
Loughton
Essex, IG10 4PE
020 8418 9101 & 07769 931852
mail@lordassociates.co.uk