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Posted Wed, 11 Sep 2024 22:51:29 GMT by Haley
I brought a property in 2018 (purchased for 60k market value at the time as it was in poor condition) that I have lived in alone since purchase. Unfortunately last year, my mother's health deteriorated and her home was no longer adaptable to her needs. My house being a bungalow was more suitable to her needs so I gifted my house last year to my dad in an effort to convince my parents to move in with me. (MARKET VALUE 110K). I continued to reside in my house. My dad then decided this year that he did not want to keep my house and gifted it back to me. (MARKET VALUE REMAINED 110K). My question is that when I come to selling my house in the future, will there be any capital gains tax to pay? It is my primary residence that I have lived in since 2018.
Posted Thu, 19 Sep 2024 11:04:52 GMT by HMRC Admin 20 Response
Hi,
HMRC cannot comment on future events as legislation and/or plans may change.
Thank you.

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