Eric Miller
Joined: 8/20/2024
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RE: CGT calculation gifted property sold
Dear HMRC, Thank you for your reply. How do we obtain an acceptable value for HMRC when the property was gifted back in 2003? Do we have to inform the sister that she needs to report the gain for the first year or will HMRC inform her when we do our reporting? Is there a deadline for the first property? Does HMRC have a record of all the gifted properties? Thanks for your response. Eric -
CGT calculation gifted property sold
My wife was gifted a property by her parents on a 50% share with her sister in 2003. Market value at that time approx £150K. The house was sold when the mother was left on her own in 2016 for £185K. At the same time a new property was purchased in the name of my wife for £174K. The mother has now left the property and my wife has sold the property for £257K. Profit to share with sister. Is CGT only calculated over the last property or do we need to go back to 2003? Thanks for your advise. Eric