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Posted Tue, 21 Nov 2023 12:11:15 GMT by jackaram
I am originally Lebanese but now am a UK citizen residing in UK. Many years ago my father gave me and my brother a piece of land in Lebanon which we have just sold. My mother has also given me a large cash gift. Do I need to pay tax on either or both of these and if so what type of tax do I pay and how should I pay it? Thank you
Posted Wed, 22 Nov 2023 17:05:31 GMT by HMRC Admin 25 Response
Hi jackaram,
You will possibly be liable to Capital Gains Tax on the sale of the land.
Please see: 
Capital Gains Tax: what you pay it on, rates and allowances
You do not need to report the cash gift.
Thank you. 
Posted Thu, 23 Nov 2023 12:53:40 GMT by jackaram
Thank you for your quick response. I understand I may have to pay capital gains tax, but my problem now is, as the land was a gift from my father, I do not know the original value of the land or how much it may have gone up in value, if at all,due to the political and economic situation in Lebanon , and therefore I don't know how much capital gains tax I need to pay.
Posted Fri, 24 Nov 2023 16:29:50 GMT by HMRC Admin 25 Response
Hi jackaram,
You will need to get a valuation from the time the property was transferred to you and then compare that to the disposal price to see if any gain has arisen. you will need to obtain this yourself.
Thank you, 
 
Posted Fri, 24 Nov 2023 16:35:55 GMT by jackaram
Thank you.

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