cgt on hmo property

[adam101]

my father bought a house in 1980 and gifted it to my about 2-3 years ago . i am currently renting it out as a hmo and now have decided to sell it and buy a bigger property . will i have hit by capital gains tax .

[Tax Accountant]

my father bought a house in 1980 and gifted it to my about 2-3 years ago . i am currently renting it out as a hmo and now have decided to sell it and buy a bigger property . will i have hit by capital gains tax .

(1) Your father should have declared the Capital Gains based on increase in value from March 1982 upto the date the property was gifted to you, unless it was his only or main residence throughout his ownership.

(2) You are liable to declare any Capital Gains based on increase in value since the date of the gift upto the date of selling.

Ramnik