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Posted Fri, 05 Jul 2024 11:04:02 GMT by Jay Gee
I am a basic rate tax payer, but I have 2 small flats which I let to supplement my income. I have gifted the flats to my two daughters, one flat each to help them get on the property ladder. The flats have increased in value and the Report and Pay CGT app on HMRC website is charging me 24% as the 'gain' takes me over the basic rate. But as my 'gain' is only notional not actual since it is being gifted to my daughters, would HMRC consider only charging me at the 18% basic rate since I am not actually getting any monetary gain?
Posted Thu, 11 Jul 2024 13:26:31 GMT by HMRC Admin 32 Response
Hi,

No. This is still classed as a sale and the same rates for Capital Gains Tax apply.

Thank you.

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