Tarun Vermani

Thank you for the reply. And just to check, would the capital gains only start accruing from the date I take ownership of the property? Many thanks.

My father is planning to gift me a property that I have lived in for most of my life. The time I have not lived in the property was 3 years when I was away studying my undergraduate degree, and a further two years recently when I was living too far to commute to work from the property (at which point I rented a place that provided a faster commute to my work). This property has been my fathers sole residence since he bought it. I want to understand what the capital gains implications of this are. I understand that he should be exempt from capitals gains on the property under main residence relief, but I was hoping someone could clarify what the likely tax implications for myself would be, assuming I move back into the property soon to take possession of it.