Gifting property abroad to my parents (non uk residents)

I am Portuguese and I am an uk resident since Nov 2023. I bought a house in my hometown in August 2023. I would like to gift this property abroad to my parents ( non uk residents as they still live in Portugal). Do I need to pay capital gains on this gifting? If so, how do I calculate ? What about my parents? Is there any tax implication? As they are not in uk (non uk residents)

Hi,

Yes, capital gains may be due as this would be seen as a sale. You can see guidance here:

Capital Gains Tax: what you pay it on, rates and allowances

There is no tax implications for your parents.

Thank you.

Hi, I'm in a very similar scenario and confused as to why this is a sale. Also, the linked article states: "Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value." The property in this case may or may not have increased in market value, but it's the recipient of the gift (parent, non uk resident) who benefits from the asset, so why is the uk resident liable for CGT in the uk? Thanks!

Hi,
By gifting the house you are disposing of it and as such it is seen as a captial gain and liable to tax if there has been an increase in its value. 
If the property was your only and main residence for the whole period prior to making the gift then no tax will be due.
Thank you.