If you inherited a property and then decided to gift a portion of it to a sibling. Would you be liable for CGT?
I am aware that the sibling would be liable for gift tax (20% of total amount - threshold etc) but as the doner, would you have to pay any tax considering you are not making any gain on the transaction?
I am aware that if you were selling the property you would be liable for CGT (if a gain was made) but was wondering what was the story if it was gifted?
Any advice would be much appreciated