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CGT On Gift Property Sale

Bach Lee
Posted Mon, 17 Jun 2024 20:17:13 GMT by Bach Lee
My mum gift the property to my wife around 2022, the market price used during transcation was 348K,then my wife gift the property to me on Nov ( market value was 370k) and I sold property on 375k in May. The questions is when it comes to caculate the CGT, which value should I use as the base value? 375k -348k or 375k -370k ? From this link https://www.gov.uk/capital-gains-tax/gifts looks like I need to use the 348k as the base value?
HMRC Admin 17 Response
Posted Tue, 18 Jun 2024 13:54:27 GMT by HMRC Admin 17 Response

Hi ,
 
It is the 348k value as its the value at the time your wife got it .

Thank you .

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