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Posted Thu, 07 Nov 2024 20:44:54 GMT by Charles
My brother living in London owns a flat in Spain with another of my brothers who lives in Spain but not in the flat. They bought it about 20 years ago and own half each. London brother now wishes to gift his half to Spain brother. Can this be done? Would there be tax implications in either country? Thank you.
Posted Tue, 12 Nov 2024 12:29:41 GMT by HMRC Admin 34 Response
Hi,
This would be seen as a disposal and if not his main property wil be liable to capital gains here. He may also need to pay tax in Spain, but should check with the foreign authorities as to what he needs to report.
Capital Gains Tax: what you pay it on, rates and allowances
Thank you

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