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Posted Mon, 04 Apr 2022 15:11:56 GMT by wkc
Dear HMRC, my wife and I are now living in UK as UK tax residents. Prior to moving to UK, i gave the self-owned foreign property to my wife as gift. As my wife is going to sell the foreign property, please advise if the base price of the property for calculation of CGT purpose should be based on (A) market price when my wife received the property from me, or (B) the original purchase price paid by me to the third party. Thanks for your advice.
Posted Wed, 06 Apr 2022 13:16:08 GMT by HMRC Admin 26

The gain will be calculated on the difference in value between when you first owned the asset and when they disposed of it.

Please see guidance : Capital Gains Tax: what you pay it on, rates and allowances

Thank you.

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