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Where Taxpayers and Advisers Meet

CGT on inherited Isle of Man propery

theequaliser
Posts:1
Joined:Wed Apr 14, 2021 3:38 pm
CGT on inherited Isle of Man propery

Postby theequaliser » Wed Apr 14, 2021 3:43 pm

Hi everyone,

I'm domiciled in the UK now and in the situation where I own a house on the Isle of Man due to my parents both passing away. They put my name on the house when I was younger alongside them when I lived there. I'm now planning to sell it and don't know what I'm liable for within CGT. Will I be able to deduct any work my parents did on the house since they bought it? Will it be the profit after what they bought it for or after the year they put my name on. Thanks!

maths
Posts:8280
Joined:Wed Aug 06, 2008 3:25 pm

Re: CGT on inherited Isle of Man propery

Postby maths » Wed Apr 14, 2021 7:36 pm

The issue is what precisely was the nature of the gift to you.

Do you now if you were given an interest in the property or was your name simply added to the legal title?


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