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capital gains tax on gifted property

Answer
josannecolston
Posted Wed, 04 Sep 2024 08:15:18 GMT by josannecolston
I purchased a house 45yrs ago for £25,000 and live in as main residence for 32yrs then moved to second home and let out first home to son .I wish to gift half of this property to my son will I have to pay CGT market value is £300,000 can I use the years I live in property to reduce CGT
Answer
HMRC Admin 32 Response
Posted Thu, 12 Sep 2024 09:11:32 GMT by HMRC Admin 32 Response
Hi,
Yes to both. for the period you lived in it, please refer to:
HS283 Private Residence Relief (2024)
Thank you.

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