Good morning,
At present, my father owns a second home (a flat) bought for £140,000 (was valued at £160k at purchase, the seller was bankrupt so reduced sale price) in 2013 now worth £210,000. He spend £15,000 doing it up.
It has been my main residence throughout this period. His income is £30,000, mine is £45,000.
Is it possible for him to gift the property to me, with a view for me to sell it relatively soon after without incurring capital gains tax? I understand it would be liable to inheritance tax (7 year period etc).
What is the most efficient way to transfer the equity in the home to myself? Him selling it, hence liable to CGT (since its his second home), or gifting to me, then me selling it (no CGT because its been my main residence for 3 years)?
I thank you gracefully for any replies.
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