jools

jools818181

I did mean the value of the house and garden are valued at 250,000. So would we just need to pay cgt from when it was transferred over to us.

CLAPTON

jools818181 wrote: »

I did mean the value of the house and garden are valued at 250,000. So would we just need to pay cgt from when it was transferred over to us.

sadly, yes both of you need to pay cgt based on half the gain each (i.e. 50k)
you both have your cgt allowance (11,000 last tax year) and then tax at between 18% and 28%

for the benefit of other readers and maybe yourself in the future, trying to taxes without adequate knowledge can be expensive

if nothing had been given away, then no tax would have been payable at all