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My mum wants to give me her second home. Is there any taxes…

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My mum wants to give...
My mum wants to give me her second home. Is there any taxes involved in this?
Submitted: 8 years ago.Category: UK Law
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Answered in 23 minutes by:
6/19/2010
Solicitor: Aston Lawyer, Solicitor replied 8 years ago
Aston Lawyer
Aston Lawyer, Solicitor
Category: UK Law
Satisfied Customers: 10,798
Experience: LLB (HONS) Over 23 years legal experience specialising in Property law and Wills/Estates
Verified

 

Hi there,

 

As it is your Mum's second home, she will have to pay Capital Gains Tax (CGT) on any increase in value of the property from the date it was purchased to the date it is gifted to you. Even though it is a gift, for CGT purposes, the transfer takes place as if the property were sold to you at its market value.

 

Your Mum is therefore best to speak to an Accountant on this issue.

 

I hope this answers your question, and if so, I would be grateful if you could press the Accept button.

 

Kind Regards

 

Andy M

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