YC

Hello :) I’m seeking some advice on a property-related situation involving UK tax laws. I currently live in the UK but own a property in my home country (outside the UK), where my family resides. This property was my primary residence before I moved to the UK. Now, I’m considering transferring ownership of the foreign property to my brother, and I’m unsure about the tax implications and other legal concerns. Here are the main points of my situation: - Ownership of Property Abroad: The property is in my home country, and my family currently lives there. This was my main residence before I relocated to the UK. I’m thinking of transferring ownership to my brother. Potential UK Tax Concerns: - Capital Gains Tax (CGT): Since the foreign property was my primary residence, how will this impact CGT if I gift the property to my brother? Will the property be considered a "disposal" by HMRC, and how would CGT be calculated on the market value of the property? - Main Residence Relief: Would I qualify for any main residence relief to reduce CGT since this was my primary home before moving to the UK? - Double Taxation: I’ve heard about double tax treaties between the UK and other countries. Could this help prevent me from paying tax twice on the same gain? How would I apply for this? I’d love to hear from anyone who has dealt with a similar situation or has expertise in cross-border property transfers. Any advice on how to manage the tax and legal implications would be much appreciated! Thanks in advance for your help!