any CGT payable

[Hamilton]

Hi

I was given a gift of a house and some land 12 months ago by my mother. The total value is approx 410,000. I need to sell this now. However it has not been transferred into my name (currently with solicitors). I know I will not have to pay gift tax as it is under the threshold, but if I sell in my mothers name would either party be eligble for CGT?

Thanks

 

[gongey]

if the house and 1 acre was not your mother's Principal Private residence then she will be liable to Cgt on the sale proceeds less indexed original cost at 20%.

how much land is involved? is it part of the house or separate. would there be separate sales of both land and house? if it were sold individually as development land, there is a different calculation for CGT.

 

[Hamilton]

Thanks for that gongey, the land could be sold seperately as agricultural land, does this make a difference?