Gain on property

happyrichard

Hello

Asking on behalf of my dad. He got the title deeds to my grans flat about 10 years ago and she lived there rent free for that time. There was no consideration for the property. She has now moved into a care home and my dad wants to sell the property. He has been told that the capital gain will be charged on the price received minus the value it was 10 years ago. I thought that as it was a gift 10 years ago he would have to pay on the difference between the price and what the value was in March 1982 (rebasing election). Who is right? This is not a question on the IHT consequence- I appreciate the GWR, but the value of the property is below the nil rate band.

Thanks for your assistance.

Pennywise

The advice he has been given is correct. Perhaps you are thinking about husband:wife transfers or holdover relief on gifts of business assets, but neither would apply in your case.

ian_duncan_smith

If he or any direct relative moved in for six months as primary residence before selling then he would overcome capital gains tax.

CLAPTON

ian_duncan_smith wrote: »

If he or any direct relative moved in for six months as primary residence before selling then he would overcome capital gains tax.

this is not so