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thibaud
Apprentice
Joined: 03 Apr 2007
Posts: 6
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 Posted: 01/10/10 - 05:59 Post subject: |
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| Hi there everybody. My name is Garry and I would like to know what is CGT on gifts. My parents want to give me their country estate in York as a gift, but now I found out that there are some tax implications in cases such as this one. Can someone explain it to me? Thank you in advance. |
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herschel
Apprentice
Joined: 23 Dec 2006
Posts: 3
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| Posted: 02/08/10 - 22:11 Post subject: |
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| Hi there Garry. Well, what you’ve heard is totally right. When you make a gift to someone in form of property, you are liable for CGT. It includes family members as well, except for spouses. I know that it doesn’t make sense maybe, but HMRC treats this transaction as if your parents are going to make some capital gain by giving property to you. So, the procedure is standard. I don’t know what else to tell you. I just hope that this won’t affect the decision of your parents to make a gift to you. If you have any other questions, please ask. Bye! |
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