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Posted Tue, 24 Oct 2023 23:54:57 GMT by
I have a question if you can help me. My mom and dad bought me a property with a court approval when I was 7 years old. Do I become the owner only when I turned 18 on April 18, 2004, or should I count from 1993, the date of the purchase? Since I might have to pay capital gains tax in England for the property abroad if I sell the property, should I count the CGT from when I became of legal age, right? At that time the currency exchange was very low and this impacted the capital gain. The capital gain is also the pure effect of inflation. I became resident in 2017, do I have any type of relief? The purchasing price paid was declared less than the market value at that time (discount of nearly £80000). Should I consider the market value in this case?
Posted Fri, 27 Oct 2023 10:19:18 GMT by HMRC Admin 20 Response
Hi Carla Baronco,
I regret that we are unable to answer your question in this forum.  
You will need to telephone our self assessment helpline on 0300 200 3310, to provide more information, as you can be considered to the be the legal owner and the beneficial owner of the property from purchase in 1993.

Thank you.

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