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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
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My mother gave her house to her four sons in 2012, one of which

Resolved Question:

My mother gave her house to her four sons in 2012, one of which is me.
My mother no longer lives in the house.
We expect the house to sell soon for approximately £160000 after all legal costs.
Each son would get £40000 each.
Are we liable for capital gains tax?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question.I presume this is a second home as far as you and siblings are concerned.Any gain you have made since the property was gifted to you would be chargeable to CGT.It is the gain and not the share of net proceedsIf for example the property was valued at £120,000 when it was given to you, then the gain is (160,000-120,000) £40,000 and your share is £10,000.This would be covered by your gains annual allowance and no CGT payable.As the proceeds exceeded £44,000 you would have to report the gain on SA108 but no CGT payable. I hope this is helpful and answers your question.If you have any other questions, please ask me before you rate my service – I’ll be happy to respond. You would
Customer: replied 1 year ago.
Thanks for the prompt reply.
I would doubt the property has increased in value at all since 2012, if there is an increase it would be very small. Assuming that is the case then no CGT is payable?
Also, just to clarify, we would all need to individually fill in tax form SA180 to notify HMRC of the proceeds?
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.NO CGT payable if no gain or gain below gains annual allowance.Yes, you would all need to individually fill in tax form SA180 to notify HMRC of the proceeds. I hope this is helpful and answers your question.
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4931
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
taxadvisor.uk and 2 other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer.
Best wishes.

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