Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Sat, 10 Feb 2024 05:52:18 GMT by
Dear HMRC, I bought a property in 2006 which is not used as a primary place of residence. I would like to gift this property to my niece as I no longer have the energy to manage this property and looking to dispose of my assets as quickly as possible due to my suffering health. I understand that even when gifting there may be some CGT consideration. I have a few questions that I am hoping you can clarify. 1. Does my niece fall under the "connected person"? 2. How do i determine the Market Value of tbe property and What evidence is required to be submitted to HMRC? 3. Is a CG34 optional to submit or mandatory? 4. Is there a possibility to request to pay CGT over 10 years in fixed instalments? If so, is any interest applied? 5. Over the years I have owned the property I have spent considerable amounts on upkeep/maintenance - do I deduct these costs from the CGT calculations? What evidence is required if I do not have receipts for example for works done on an extension, refurbishing the bathrooms, replacing the flooring etc. 6. What other costs can also be deducted for CGT purposes?
Posted Wed, 14 Feb 2024 11:10:41 GMT by HMRC Admin 25
Hi aswat300,
1. No
2. You would get a valuation done by an estate agent.
3. It is optional
4. There is a possibility but you would need to write in to apply for this and there is no guarantee it would be accepted.
Interest would apply if your payments for the specified dates were late.
5. You can claim for capital expenditure (new bathroom, extension) but not for flooring, carpets,decorating or general maintenance
6. Please see:
CG15250 - Expenditure: incidental costs of acquisition and disposal
Thank you. 

 

You must be signed in to post in this forum.