Parents selling house after making deed of gift

00ec25

Tom99 wrote: »

You will need to report the sale for CGT purposes even if no tax is payable since the sale is over 4x the £11,300 annual allowance.

only if the OP is already registered for self assessment, if not, he doesn't have to report if there is no tax to pay (obviously if there is he has to)

https://www.gov.uk/capital-gains-tax/work-out-need-to-pay

You still need to report your gains in your tax return if both of the following apply:

• the total amount you sold the assets for was more than 4 times your allowance
• you're registered for Self Assessment

Tom99

00ec25 wrote: »

only if the OP is already registered for self assessment, if not, he doesn't have to report if there is no tax to pay (obviously if there is he has to)

https://www.gov.uk/capital-gains-tax/work-out-need-to-pay

You still need to report your gains in your tax return if both of the following apply:

• the total amount you sold the assets for was more than 4 times your allowance
• you're registered for Self Assessment

Thank you for pointing that out, I had missed the work 'both' and am dealing with another matter where I thought I had to report.

Niv

As a slight aside. Do you realise that you are now no longer classed as a first time buyer when you purchase a home for yourself and as such would have to pay stamp duty (assuming you have not already got a place). Therefore should that 'loss' be taken into account when you 'gift' the money back to them, otherwise you are potentially out for pocket due to this scheme your parents undertook.