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Real estate Donation abroad whilst resident in UK

Sebastien
Posted Fri, 17 Mar 2023 11:40:51 GMT by Sebastien
Hi, I am a UK resident with a full-time job in London. My parents plan on gifting a share of real estate (vacation home) located in France between me and my siblings. The value of the share I receive will be worth less than 120k GBP. Do I have to pay any taxes on it? If so what kind and how do I declare it? Best Regards, Seb
HMRC Admin 17
Posted Mon, 20 Mar 2023 14:49:20 GMT by HMRC Admin 17

Hi,
 
If your parent are resident in the UK, they will have capital gains tax to pay on the gifting of the property to you and your siblings . 

You may have capital gains tax to pay in the UK, if you sell the property. 

If the property is being let, then you may have income tax to pay on the rental income in the UK .

Thank you.

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