Hello,
I tried to get clarification on the HMRC website but I couldn't find a definitive answer.
I'm about to receive a large gift in stocks, worth ~500,000 GBP. My accountant says that the cost basis is the value of the stock at the time the gift is received. Hence if I immediately liquidate the value of the stocks I shouldn't incur in any capital gains tax. However, the donor is from abroad, in a jurisdiction that doesn't tax gift, his cost basis is 100,000 GBP. Is my cost basis different in this case?
Thank you,
Zuril
Replies (8)
Please login or register to join the discussion.
For the he sums involved, you and the donor should be able to get good advice from your respective accountants...
Have you told us everything, or provided a snapshot of part of a larger sequence of planned events?
(And I agree with WhichTyler.)
If there's no CGT in the other jurisdiction, why doesn't the donor sell the stock and give you the cash?
(Please appreciate that that is a question, not a recommendation.)