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Where Taxpayers and Advisers Meet

Simple query

Dev_1
Posts:53
Joined:Sun Jun 18, 2017 4:00 pm
Simple query

Postby Dev_1 » Sat Feb 22, 2020 5:02 pm

Hello,

Was wondering if someone would be able to answer the below.

Does a 50% transfer of equity on the main/only family residence to son need to be reported to HMRC (capital gains tax summary).

This was a gift and no money exchanged hands.

The property was mother’s house throughout ownership and covered by PRR.

Thank you

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: Simple query

Postby maths » Sat Feb 22, 2020 8:41 pm

If the property has been the sole main residence of the donor throughout the donor's period of ownership then no CGT reporting is necessary (whether monies change hands or not).

Dev_1
Posts:53
Joined:Sun Jun 18, 2017 4:00 pm

Re: Simple query

Postby Dev_1 » Sun Feb 23, 2020 10:21 am

Thank you, that helps.
Many thanks


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