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Can I give my house to my sister
LorettaBrodie
Posts: 1 Newbie
I bought a house for my sister and son to live in four years ago rent free. I did not take out a mortgage and I paid the stamp duty and all the legal costs involved in the house purchase. I now want to give the house to my sister and her son. Why do I have to pay capital gains tax when I have made no gains on the property.
0
Comments
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Has the value of the house risen in the last four years? If so, that is your gain.0
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Because the transfer of ownership is to a 'connected person' market value at the time of the transfer is used to establish what capital gain there has been.
HMRC CGT manual Connected Persons section
https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg145800
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