Bach Lee
Joined: 6/17/2024
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CGT On Gift Property Sale
My mum gift the property to my wife around 2022, the market price used during transcation was 348K,then my wife gift the property to me on Nov ( market value was 370k) and I sold property on 375k in May. The questions is when it comes to caculate the CGT, which value should I use as the base value? 375k -348k or 375k -370k ? From this link https://www.gov.uk/capital-gains-tax/gifts looks like I need to use the 348k as the base value?