Property gifting, and main residence relief

My father is planning to gift me a property that I have lived in for most of my life. The time I have not lived in the property was 3 years when I was away studying my undergraduate degree, and a further two years recently when I was living too far to commute to work from the property (at which point I rented a place that provided a faster commute to my work). This property has been my fathers sole residence since he bought it. I want to understand what the capital gains implications of this are. I understand that he should be exempt from capitals gains on the property under main residence relief, but I was hoping someone could clarify what the likely tax implications for myself would be, assuming I move back into the property soon to take possession of it.

Hi,

There is no Capital Gains Tax due for your father as full residence relief applies. For you, residence relief will only apply from the date you own the property.

We cannot comment on what the position will be should you sell it in later years as legislation may change.

Thak you.

Thank you for the reply. And just to check, would the capital gains only start accruing from the date I take ownership of the property? Many thanks.

Hi,

It would be based on when you take ownership but will only apply if or when you sell the property.

Thank you.