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Where Taxpayers and Advisers Meet

CGT - Gifted property

neiljp203
Posts:2
Joined:Mon Apr 01, 2019 1:45 pm
CGT - Gifted property

Postby neiljp203 » Mon Apr 01, 2019 1:54 pm

Can anyone please help?
My brother and I may have to sell a home gifted to us - in 50% shares - by our elderly father to provide him with a more suitable property.

We understand that the gain from the time of the gift in the mid 1990s to now will accrue CGT minus selling and legal costs.

Are there any other reliefs that we can claim? Also, if we are using the proceeds of the house in question to purchase another more suitable to his needs, would we be able to claim any transitional relief? (not sure if that's the correct tax terminology!)

Re the annual CGT tax free allowance, I assume this we be available to both of us, given that we are both making a gain.

Thanks for reading and I hope you will be able to advise us. I know a bit about tax, but I am out of my comfort zone here.

darthblingbling
Posts:698
Joined:Wed Aug 02, 2017 9:09 pm

Re: CGT - Gifted property

Postby darthblingbling » Mon Apr 01, 2019 3:14 pm

When did he gift you the property?

Have you lived in the property since it was gifted?

neiljp203
Posts:2
Joined:Mon Apr 01, 2019 1:45 pm

Re: CGT - Gifted property

Postby neiljp203 » Mon Apr 01, 2019 3:32 pm

Many thanks for replying.
The house was gifted to me and my brother in 1995. We have not lived in it - my father has lived there rent free under a legal deed.


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