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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 31061
Experience:  International tax
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My mother gifted me a painting in Oct 2019. I sold it in Feb

Customer Question

My mother gifted me a painting in Oct 2019. I sold it in Feb 2021. It was sold for the same £ as when it was gifted. Do I have to declare this on my tax return? It was gifted under the 7 year rule.
JA: Which tax year are you filing for?
Customer: 2020/21
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: No
Submitted: 18 days ago.
Category: Tax
Expert:  TaxRobin replied 18 days ago.

You will report and use the original cost of the property (painting)  not fair market when you received, The  difference in that and the sell amount is your gain. Gain s taxable under CGT.

Expert:  TaxRobin replied 18 days ago.

The CGT was deferred until you sold.

Customer: replied 18 days ago.
you mean the price the painting was originally bought for whenever that was?
What it that is unknown or there is no invoice?
Expert:  TaxRobin replied 18 days ago.

Maybe the giver remembers