Question:
My older brother now lives in the USA and he is gifting me his buy to let property in the UK. I need to know will I or he need to pay capital gains tax (CGT) on the property?
Arthur Weller replies:
Your brother will need to pay UK capital gains tax based on the increase in value from the date he bought the property, or the increase in value from April 2015, whichever date is later. Since he is now gifting the property to his brother, he has to use today’s market value as his 'sale proceeds'.
