Jay Gee
Joined: 7/5/2024
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CGT Rates on Gifted Property
I am a basic rate tax payer, but I have 2 small flats which I let to supplement my income. I have gifted the flats to my two daughters, one flat each to help them get on the property ladder. The flats have increased in value and the Report and Pay CGT app on HMRC website is charging me 24% as the 'gain' takes me over the basic rate. But as my 'gain' is only notional not actual since it is being gifted to my daughters, would HMRC consider only charging me at the 18% basic rate since I am not actually getting any monetary gain?