cgt on hmo property

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    cgt on hmo property

    my father bought a house in 1980 and gifted it to my about 2-3 years ago . i am currently renting it out as a hmo and now have decided to sell it and buy a bigger property . will i have hit by capital gains tax .

    #2
    Originally posted by adam101
    my father bought a house in 1980 and gifted it to my about 2-3 years ago . i am currently renting it out as a hmo and now have decided to sell it and buy a bigger property . will i have hit by capital gains tax .
    (1) Your father should have declared the Capital Gains based on increase in value from March 1982 upto the date the property was gifted to you, unless it was his only or main residence throughout his ownership.

    (2) You are liable to declare any Capital Gains based on increase in value since the date of the gift upto the date of selling.

    Ramnik
    Private advice is available for a fee by sending a private message.

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