Simone9220
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RE: Capital gains on gifted property
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Capital gains on gifted property
Hi, thank you for this forum. I am a UK tax resident and I will receive an oversea property from my mother(not a U.K. resident, lives in Italy) as a gift, my questions are: 1. Do I need to pay tax for receiving this oversea property as a gift? 2. Do I need to pay CGT if I eventually sell it which is a gift and not bought it myself? 3. If there is a tax implication, how to calculate the capital gained? Is it the difference between the price sold and the market value on the date of transferring it to me or the difference between the price sold and the price when my mother bought it? Many thanks