Capital gains on gifted property

Hi, thank you for this forum. I am a UK tax resident and I will receive an oversea property from my mother(not a U.K. resident, lives in Italy) as a gift, my questions are: 1. Do I need to pay tax for receiving this oversea property as a gift? 2. Do I need to pay CGT if I eventually sell it which is a gift and not bought it myself? 3. If there is a tax implication, how to calculate the capital gained? Is it the difference between the price sold and the market value on the date of transferring it to me or the difference between the price sold and the price when my mother bought it? Many thanks

Hi,
1) No.  
2) Yes.
3) You would be required to convert to pounds sterling, the market value of the gift using an exchange rate in use at the time the gift was made.  
This would allow you to obtain your acquistion cost.  
You would also have to convert the disposal value to pounds sterling, to work out the difference between the disposal value and allowable costs.  
There is a calculator at Tax when you sell property that will help.  
You would be required to declare the disposal in a self assessment tax return, whether a gain arises or not.
Thank you.

Hi, in the case of needing to count CGT - do I need to translate the documents to English? If the currency when it was gifted doesn’t exist any more, what is the best way to convert to GB?

Hi,
You would still be able to access archived exchange rates for the correct currency to ensure you are using the correct sterling amount. Any documents must be in English.
Thank you.