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WHO is responsible for the CGT
brodev
Posts: 1,018 Forumite
in Cutting tax
A friend of mine bought a flat in Spain 8 years ago for £25000. It is now worth £125000. (He is pleased). He is now thinking of gifting this flat to his son. He knows about Spanish Capital Gains tax, but not about UK. Who is responsible to pay any CGT and when is it due? In other words does he have to pay CGT on the transfer or is his son liable when he sells it. Even better does no-one have to pay it. TIA
Something Really Interesting
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Comments
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The son is not liable. The current owner is. The gift would be valued at current market value for tax purposes giving him a crude (before allowances and offsets) £100k gain.
Is a UK taxpayer?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Yes he is a UK tax payerSomething Really Interesting0
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