Beneficial ownership in overseas property

Dear Team, I'm Uk resident and the legal owner of an overseas property. My parents are the beneficial owners i.e. occupying the house. We are planning to sale the house and my parents will receive the disposal proceeds as such under the CG70230 manual they will be subject to UK CGT if UK residents. If straight after having cashed the sale my parents will gift me money, can I be seen as beneficial owner and get caught by CGT? thanks,

Hi,

You would need to provide evidence to show that they are the beneficial owner of the property prior to any sale by submitting a declaration of trust, if you have not  already done so.

What they then do with the proceeds is up to them and there are no Income Tax implications of a cash gift.

Thank you.