My son has been given a house by his Uncle. if he wishes to sell it within the next 6 mths is he liable for capital gains tax?

by , 6 months ago•Open Question
Related:Property, Home & Garden•Property & Living•Selling Property

Answers (2)

Hi pc335, and welcome to the forum.

I believe so, but I'm no expert on CGT. Have a look here at this HMRC guide to CGT regarding the diposal of property...

http://www.hmrc.gov.uk/cgt/property/basics.htm#6

by fruitcake, 6 months ago

Yes, I think he would have to, too. If he lives in it for one year, as his Principal Private Residence, then it would be free of CGT on disposal.

by roseangel, 6 months ago

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