Gifting property - capital tax bill ?

[IceBoy]

Hi All,

Mum and Dad have decided they want to gift me their small BTL rental property.

Quick question:

When they transfer the property in to my name, I understand CGT will be due on the profit they make. How will the value of the property be derived? They purchased it over 30 years ago.

IceBoy

Edited by IceBoy on Wednesday 8th February 10:39

[drainbrain]

This might help, but I'd still stick the full detailed facts in front of a proper tax accountant. CGT can be a bit of a beeatch to get right.

http://www.thisismoney.co.uk/money/experts/article...

[sumo69]

Iceboy - I am happy to have a chat with you about this if you want to pop me a PM with contact details.

David

[KevinCamaroSS]

I would also imagine you would also be liable for the Stamp Duty payable?