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Where Taxpayers and Advisers Meet

CGT on gifted property

Herbs16
Posts: 69
Joined: Wed Aug 06, 2008 3:53 pm

CGT on gifted property

Postby Herbs16 » Fri Jan 08, 2016 10:26 am

Hi Forum
quick query please
my sister had a property gifted to her in August 98, purchased in 97 for £37k
it was sold in March 15 for £75k

is it just CGT payable on the £38k gain, obviously less costs and Annual exemption?

many thanks

Peter D
Posts: 10668
Joined: Wed Aug 06, 2008 3:37 pm

Re: CGT on gifted property

Postby Peter D » Fri Jan 08, 2016 11:49 am

You need to establish the Open Market Value when the property was gifted. Regards Peter

Herbs16
Posts: 69
Joined: Wed Aug 06, 2008 3:53 pm

Re: CGT on gifted property

Postby Herbs16 » Fri Jan 08, 2016 12:27 pm

Hi
I would say its the same as the cost as its such a short time inbetween
Even if it alters 2/3k is my assumption still correct?
Thanks

Peter D
Posts: 10668
Joined: Wed Aug 06, 2008 3:37 pm

Re: CGT on gifted property

Postby Peter D » Fri Jan 08, 2016 12:53 pm

Yes. But you need the actual value. Regards Peter

section 44
Posts: 4468
Joined: Thu Oct 30, 2008 12:47 pm

Re: CGT on gifted property

Postby section 44 » Sun Jan 10, 2016 1:51 pm

When in 1997 was it purchased?

have you looked at what changes there were in house prices from that date to August 1998, nationally, locally, similar sort of properties etc?


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