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Gifting back property to parent

Answer
Worcester Wanderer
Posted Wed, 06 Nov 2024 17:03:03 GMT by Worcester Wanderer
My wife was gifted 1/3 share of her parent's property when her dad died. The property is now being sold as mum has come to live with us. Can she gift back her share? If not, she will be liable for CGT.
Answer
HMRC Admin 34 Response
Posted Tue, 12 Nov 2024 10:40:38 GMT by HMRC Admin 34 Response
Hi,
She will be liable to CGT despite it being gifted, because it has not been her main residence.
Thank you

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