CGT on family property gifted to me abroad

Dear Sir or Madam, My parents in Hungary are considering gifting our family home to me and my brother. This is not inheritance, and would not involve any cash transaction; this just means that the property in Hungary (EU) would now belong to me and my brother. I am a UK tax resident and I am wondering if this has any tax implications for me in the UK? I would really appreciate your advice! All the best, 

Hi
There would only be tax implications if the property was rented out or if you sell it.
Thankyou.

I am a UK tax resident and I will receive an oversea property giving from my father(he is not a U.K. resident) as a gift, my questions are: 1. Do I need to pay tax for receiving this oversea property as a gift from my father? 2. Do I need to pay CGT if I eventually sell it which is a gift and not I bought it for my own? 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 father bought it 30 years ago? 4. If there is tax implication and being paid in the country for the selling of that property, is there any capital gain tax relief applied in UK?

Hi CheMey,
1. No   
2. If you do not live in the property as your main and only residence for the whole period of ownership, yes  
3. It is the value at the date of transfer against what you sell it for  
4. If tax paid abroad on selling it, you can claim foreign tax credit relief to reduce any UK tax due.
Thank you.

Thank you, so what kind of foreign tax credit relief includes? If there is no capital gain tax abroad on selling the property, should other cost of paying to abroad government reduce UX tax due?

Hi CheMey,
It is only Income Tax/Capital Gains Tax that you can claim Foreign Credit Relief against:
Relief for Foreign Tax Paid 2023 (HS263)
Thank you. 
 

Hi, I am a UK resident and have sold a property abroad which was gifted to me. I am aware that the capital gain is calculated as the market value of the property on the date it was gifted to me vs the price I sold it for. Is a third party evaluation of the market value of the property on the date of gifting along with the notarial act of the sale sufficient for my tax returns? And if so, do they need to be translated to English as they are currently all in Bulgarian? Thank you.

HI
You are required to declare the disposal on a self assessment tax return.  You should use a valuation that is just and reasonable.  How you obtain this, is up to you.  Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.  For your convenience, there are exchange rates at Exchange rates from HMRC in CSV and XML format and for older rates at Exchange rates
You are free to use any of the supplied rates or one of your own choosing.