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Posted Wed, 02 Nov 2022 16:11:05 GMT by connectiondue
Hello - My dad who lives in India has gifted me a flat / apartment. i am a resident in the UK and British citizen. can you confirm on below please ? 1. Do I have to declare this to Hmrc ? 2. In future after 10 years if I sell this apartment and bring the money into the UK, do I have to pay any tax in UK? Thank you
Posted Wed, 09 Nov 2022 08:11:14 GMT by
Hi connectiondue,

As a UK resident at the time of disposal of the flat, you would need to declare the disposal of the flat.

As the gift of the flat was from a close relative, you would need to obtain the market value of the property at the time the flat was gifted to you.
 
You would need this figure to work out any gains.

Here is some guidance on market value: 

Capital Gains Tax






 
Posted Mon, 14 Nov 2022 20:01:08 GMT by connectiondue
Hello dear Hmrc admin 25 - thank you for your reply Is there a need to declare this gift to Hmrc ? Do I need to mention this gift on my self assessment? Thank you
Posted Wed, 16 Nov 2022 12:41:14 GMT by HMRC Admin 17

Hi,
 
Cash gifts are not taxable, however, you may be subject to capital gains tax,
should you dispose of the property, as it is a capital asset.

Thank you.
Posted Wed, 16 Nov 2022 13:22:03 GMT by connectiondue
Hello dear - yes that is well understood My question is - when I receive the apartment gift, is there a need to notify Hmrc on self assessment? Thank you
Posted Fri, 18 Nov 2022 14:03:56 GMT by HMRC Admin 10
Hi
No but you will need to have a valuation of the property at the date of transfer for when you eventually sell it.
Thankyou.
Regards.
Posted Mon, 21 Nov 2022 12:57:39 GMT by connectiondue
Perfect / thank you

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