Hope that you are all well.
I need some help/guidance in respect of a property that I own.
The property was gifted to me about 15 years ago by my parents. The property was their PPR but they gifted it to me shortly after they moved into another property.
I am now looking to gift the property myself to a family member (not a spouse). I have never lived in it myself and it has been rented out.
I know that i will have to calculate CGT on any gift made as a result as it will be classed as a disposal for CGT.
i assume the proceeds will be market value of the property (i will arrange a valuation of the property).
the bit i was stuck on was the base cost. am i able to take the value of the property when gifted to me as the base cost or will it be Nil?
thank you in advance for the help.