My uncle and I bought a flat together about 4 years ago. This is the only property we own and it is therefore our primary home. Should we sell it we have been informed that it is therefore exempt from any capital gains tax on its substantial increase in value
My uncle is moving to the United States permanently. He therefore wishes to gift me his half of the flat. Given the situation, am I correct in assuming he will not incur any Capital gains tax if he makes me the gift.
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