Upon what date does CGT become due (and be calculated) on a gifted property?

Hi. Could someone please confirm my understanding regarding on what date a gift of a property incurs a CGT (where one is due)? My understanding is that the relevant date for any CGT charge due (known as the ‘date of exchange’ I believe) is when the property is actually accepted as having been gifted by the two parties involved (lets say as a document of gift between them) rather than the date that HMLR actually processes the necessary paperwork and amends the record of proprietorship in the Register at some later date. Is that correct and is there a lime limit after the ‘date of exchange’ by which HMLR must have amended ownership or is that not even required? Many thanks. Rob

Hi ,
 

The completion date is when the property transfers to the other person.  Any gain, should then be reported and paid within 60 days of the completion date. Thank you .

Hello. Thank you for your answer. However, after I asked my question here I rang the actual HMRC CGT line and the woman there said that the relevant date from which the 60 days counts is actually the date of gift rather than the date at which HMLR get around to completing it's register which could be weeks/months after that. Obviously, that's not what your answer says. So just to be certain, if we were to gift a property to our son by way of a 'Deed of Gift' on date 'A' (from which point onward we were to have no further financial benefit in it) but at that date 'A' HMLR had not completed a transfer in it's Register, there would be no CGT liable? Is it correct that under this scenario the 60 day window for calculating/paying any CGT due only begins at some later date when HMLR does make such a transfer of ownership in it's Register? Many thanks.

Hello. I appreciate that people answering on this forum may not actually be HMRC CGT employees, but is someone knowledgeable able to respond to my query please? Thanks, Rob

Hi ,
 

It is from the date the gift is initiated as this would be seen as the disposal date . Thank you .

Hi A17. Thank you for that. Obviously your answer now is different to that previously, so please could you provide a link to the HMRC document that supports the fact that the date the gift is initiated is the 'disposal date'? I'd appreciate the relevant document in case we need to demonstrate compliance with HMRC at a later date. Many thanks, Rob