Gifting property - Does capital gains tax apply?
HMRC deems the act of giving away your property as a disposal for capital gains tax purposes. This applies when a property is sold that has not been the main residence for the entire time of ownership.
If a buy-to-let rental property has always been rented, tax will be due on the entire time of ownership. Whereas, property used as a mixture of buy-to-let and as the main home, will result in the tax owed being split.
- 18% for basic-rate taxpayers, or
- 28% for higher-rate taxpayers.
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This guide is an informative piece and does not constitute tax advice for individual matters.