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Posted Wed, 02 Oct 2024 10:49:32 GMT by joannadiana
Hi, I have owned an overseas property (EU) since 2005 and wanted to gift it to my sibling, who have lived in it for that time, it was my main residence for only about 1 year initially. 1. Do I have to pay CGT for such transfer? 2. If so, would I get the 1 Y main residence relief? Also, where can I find exchange rates for 2005? 3. If as an alternative I have sold the property and purchased another in same country with the proceeds would I still be liable for CGT? Would there be any relief for the fact that I re-invested all cash? Thank you.
Posted Thu, 10 Oct 2024 09:35:59 GMT by HMRC Admin 20 Response
Hi,
Yes, this would be seen as a disposal and CGT would be due.
You can claim private residence relief for the period you lived in the property.
Exhange rates can be found at Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2009 and Exchange rates from HMRC in CSV and XML format
Thank you.

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