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Base cost of property for CGT

Is the solicitor right on the base cost on transfer from parents for CGT

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Clients are giving their let property to their daughter.  I have advised them that CGT will be payable on the transfer based on the valuation at todays selling price.  No money will change hands.  Forget inheritance tax for the moment.

The solicitors have warned the daughter that when she eventually sells she will have no base cost for the property.  Surely that is wrong it the value put on the property for CGT purposes and paid by her parents!

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By johngroganjga
06th Nov 2018 10:43

Yes of course it is wrong.

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By mbee1
06th Nov 2018 13:18

As I've said before - solicitors should stick to soliciting!

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Replying to mbee1:
By chancewind
06th Nov 2018 13:48

yes I agree

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By Galaxian
06th Nov 2018 16:43

What's the value of the property? CGT isn't necessarily payable.

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