Hi All,
I gave my Grandma via a deed of gift with my wife the money so that she could purchase her council house via the right to buy. The aim was that she will live there until she passes away (hopefully many years from now) and we would eventially sell it on (not intending to receive any rent from her). Now that 3 years have passed from the original transaction (Aug 2004) we are about to complete the transaction for the property to be put in our names via a deed of gift through our solicitor and Land Reg etc.
Please can anyone help me to understand whether when I sell the property, I would have to pay any CGT? This is complex as the price she paid was discounted by circa 60% of the real price (so £31000 was paid and is listed on the Land Reg). 3 years on the market value is £140,000 and I am concerned that not having a value on the transfer from LR as no monies are exchanging hands could open me up to a hefty CGT bill in the future. Please can anyone provide an explanation on how CGT if affected at all would work or will I not have to pay any CGT given that the IR would not know the market value and therefore could not assess?
Any advice greatly appecaited.
Regards
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