Capital Gains Tax Query


Joined
Jul 5, 2010
Messages
2
Reaction score
0
Hi, I have a question in relation to CGT if I give a property away. This is the situation. I was given a property about 8 years ago, and subsequently rented it to my uncle for a few years and paid tax on the rental income. When my uncle moved out, the property remained vacant. I have never lived in it.

My parents recently divorced, and to save them selling the family home (they are both pensioners with little income), I agreed to give my property to my mother, thereby, both got a house each. I should also say that I do not actually own a house of my own other than this property.

As I have given this as a gift as part of a divorce settlement, am I, or my mother liable to pay tax. I mother cant live in it (its too far away from grandkids etc) so is going to sell it and buy a home closer to her current location.

Any advise, clarification or direction would be greatly appreciated

Thank you
 
Ad

Advertisements


Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

Capital Gains Tax Query 4
Capital Gains Tax Query 8
Capital Gains Query 4
UK Capital Gains Tax Query 0
gains/losses query 1
gains strategy query 2
gains/losses strategy query 1
Tax Query 2

Top