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Capital Gains Tax – on receipt of the gift, there will be no implications for CGT. However, when the person comes to sell or disposes of the property themselves by transferring or selling in the future, they will not pay CGT when they dispose of their home if it is their main residence and they have lived in the property for all the time it was owned. This is a tax relief known as Private Residence Relief.
Hi, yes you are correct regarding IHT, there is a sliding 7 year rule. This does not apply to CGT.
With CGT, In most cases, you won't need to pay CGT when selling the property you live in, because you will be entitled to 'private residence relief'.
If the property is sold during the 2019-20 tax year, the you will not need to pay capital gains tax for the time it was your main residence, plus the past 18 months of ownership (even if you weren't living in the property during those 18 months). For property sales during 2020-21, this 18 months is reduced to nine months.