Hello, some 25 years ago my parents bought a Village Post Office and Stores with a friend and all three names are on the deeds. With the mortgage long ago paid for and all three parties past retirement date they have decieded to sell up. The friend has bought a flat outright with savings and has said he will sign over the deeds to my parents to fund the purchase of a property themselves. The property is currently valued at £210,000, their accountants have told them they may be looking at a bill of up to £20,000 in capital gains tax but what tax implications if any are there in the friend "gifting" his third share doing this on his part ?. How much roughly might we be looking at ?
Thanks, Nathan.
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