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Posted Wed, 25 Oct 2023 07:06:22 GMT by
Hello there, 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, if I sell the flat, should I count from when I became of legal age, right? In addition the capital gain is pure currency conversion as the exchange was in a currency difference than euro back then and now it would be sold in euro. Inflation also would need to be considered as its over a period of 30 years but I understand there is not indexation relief. Paying for a capital gain over 30 year period and I am only resident from 7 years, since 2017 during a period I collected losses instead seems unfair. In addition the purchase price was deducted in the contract compared to the amount paid which was greater (something that was done back then by the authorities), should I need to consider market value instead?
Posted Fri, 27 Oct 2023 10:26:17 GMT by HMRC Admin 20 Response
Hi sofiatabasso,
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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