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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15443
Experience:  International tax
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My mum gave me her maisonette back in 2007. My mum continued

Customer Question

My mum gave me her maisonette back in 2007. My mum continued to live there until she died this year. I am now selling the maisonette for a price less than it was worth back in 2007. I work at a hospital and am PAYE. Do I have to pay CGT?
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HelloIf your mother was a dependent relative, you may not have to pay any CGT on the flat. If the property was occupied by a dependent relative you have relief form the CGT. Assuming you mum was not, your gain is usually the difference between what you paid and the amount you get when you sell. As this was given to you, market price is used for your cost. You need to use the market value on the date of the gift.You would only have to pay Capital Gains Tax on your overall gains above your tax-free allowance (called the Annual Exempt Amount). If you have a loss there is no CGT to pay.
Expert:  TaxRobin replied 1 year ago.
Wanted to touch base with you.
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