A property that has been rented to a tenant since purchase in 1983 has now been sold. The proceeds were in turn gifted to the owners adult daughter to use as a deposit on a house of her own.
Is it a case of a straight capital gain calculation on the parents, or are there any reliefs available? Is there anything else I should be thinking of?
Any advice most appreciated.
Replies (2)
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The parents made the sale
The parents return the gain and pay the tax.
The gift to the daughter is a red herring for CGT. The parents will need to survive the gift for 7 years for it to be exempt from their estate for IHT