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Capital gains tax on property gifted before 1988
nancy_c_b
Posts: 20 Forumite
in Cutting tax
Hoping someone may be able to help re a property my Dad is selling.
Info: family home was gifted to my Dad by my grandfather in 1972. Grandfather lived 7 years more at least, so no inheritance tax to pay. Both grandparents continued to live in the property until their deaths - grandfather in the late 1980s, grandmother 2014.
2 questions: my Dad didn't own any other property so is it liable to CGT?
Secondly, if yes, could he claim dependents' relief from the time my grandparents turned 65 which was approx one year after the gift date but still prior to the change of rules in 1988?
Info: family home was gifted to my Dad by my grandfather in 1972. Grandfather lived 7 years more at least, so no inheritance tax to pay. Both grandparents continued to live in the property until their deaths - grandfather in the late 1980s, grandmother 2014.
2 questions: my Dad didn't own any other property so is it liable to CGT?
Secondly, if yes, could he claim dependents' relief from the time my grandparents turned 65 which was approx one year after the gift date but still prior to the change of rules in 1988?
0
Comments
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Another relevant question is whether your Dad lived in the property after it was gifted to him, I think! If he did, give dates!Signature removed for peace of mind0
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He didn't live there after it was gifted to him. I think he did continue to have post sent there but I don't think he can really claim to have been living there on that basis.
He says there was/is nothing in writing about his parents continuing to live there after they gifted him the house, though I haven't seen the paperwork myself.0
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