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Posted Wed, 30 Oct 2024 15:43:00 GMT by KasperWW Kasper
Hi there, 15 years ago, my parents "gifted" me their main (and only) property and the property is now in my name. I have always lived with my parents and nothing has changed since then. My parents do not pay me a rent or anything like that, so I understand that this property will not allow exemption from any possible inheritance tax; however, I am curious as to what will happen should I ever decide to sell the property. Am I liable for any CGT or am I covered by private resident relief? It is unlikely the property will ever be worth more than £325K Thank you for your help.
Posted Tue, 05 Nov 2024 14:54:09 GMT by HMRC Admin 17 Response

Hi ,
 
HMRC cannot comment on future events as legislation may change  .

Thank you .

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