ccw
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RE: CGT on transfer of part equity of second home to child
Thank you for your confirmation to use 2015 value. Would an estate agent (who managed the property) valuation be acceptable to HMRC or a chartered surveyor "Red Book Valuation" be required? Regarding my earlier question on the acquisition cost, I am referring to the legal and survey cost incurred in 1991 when I bought the property. Should these be inflation linked upto 2015? Thank you. -
RE: CGT on transfer of part equity of second home to child
Hi, I read the above question and reply and thank you for the work example from admin19. My wife and I would also like to transfer a portion of the equity of our family home to my eldest son who is currently living there already. The family home was purchased back in 1991 but due to work reason, we have been abroad since 2001 and have been non-UK tax residence for 15+ years. My understanding for the valuation of the property is reset to 2015 in case of non-UK tax residence disposal. Is this the scenerio I can use for the calculation of the market value? What assumption I should use for the acquisition cost back in 1991? Inflation linked to 2015? Thank you for your clarification in advance.