How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask JGM Your Own Question

JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 10646
Experience:  30 years as a practising solicitor.
31090051
Type Your Law Question Here...
JGM is online now

I own a home in Italy and have lived in it for the majority

Resolved Question:

I own a home in Italy and have lived in it for the majority of each year ( since the restoration was completed in 2008). I do not own any other property - I rent a house in the UK for my daughter to live in and occasionally stay there when I am back in UK.
I plan to git the Italy house to my daughter.
I do not intend to carry on living in the Italian property when I gift it as I will be moving back to the rented house in the UK ( I need to be in Uk for access to medical resources for my illness). Eventually - after 7 years time limit - my daughter may sell it? In the meantime she may rent it out as a holiday home and pay tax on the income.
My question is concerning any immediate charges/taxes payable from gifting the property to my daughter. Can you please advise if there would be taxes applicable and the process of actually gifting an overseas property. I cannot find any documents on HMRC site for gifting an overseas property?
Thank you
Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
This is a question of private residence relief. Whilst the issue of capital gains tax on foreign properties can be very complex, the position here is that the house in Italy is your main residence. As such you are entitled to sell it or gift it and you will have no tax liability in the UK. Capital gains tax doesn't apply to your only or main residence. Clearly the timing of the gift will be important and the gift should be made prior to or about the time you leave Italy.
There are no other UK taxes you have to be concerned with so you will have no tax liability in the UK. You should check with an Italian adviser as to whether there will be any taxes to pay there.
As far as the process of actually gifting the property, the transfer would be made in accordance with the property law of Italy and again you should seek advice there.
I hope this helps.
Please leave a positive response so that I am credited for my time.
JGM, Solicitor
Category: Law
Satisfied Customers: 10646
Experience: 30 years as a practising solicitor.
JGM and 2 other Law Specialists are ready to help you

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice