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
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