House sale

[Herbs16]

My mother transferred her investment property to me 2 years ago, if she lives for 5 years I asume there is no IHT, if I sell now will there be any CGT payable by me or mum?
Thanks in advance

[Peter D]

When you Mum transferred the property to you then this was a disposal and CGT liability would have arisen and should have been paid. You will have gained the property at the Open Market Value on the day of the gift and if you sell it you will have a CG of the sale value minus the formal gifted value, no tpaer relief will apply yet but you will have your CG allowance of £9,200 or you could add your wife if you are married and double the allowance. I assume you do not live in the property ? Yes if your Mum survives 7 whole years then there will not be an IHT issue. Did you not take advice on this when the idea of a gift came up 2 years ago. Regards Peter