Anyone know the score on this scenario , My parents gave me their house over 24 years ago to avoid the state taking it in their old age (its now my only UK resdence), all done by UK solicitor, they pay me rent of £1 a year to live there.
At the time its value was £75000, its current value is £300000, My mother still lives there but she is 96 and at some point will die. I will then sell this house, its value as of Jan 24 was £300000k would I need that in writing from the estate agent as a valuation dated Jan 1 -2024? and what may I be liable for? There will be no Capital Gains Tax on this properyt in the UK reading below its says "profit on the investment" but this looks more to me like I inherited the property? Live in Thailand permanently
The capital used to buy the investment is free of Thai tax but the amount may need to be proven via statements etc.
The profit on the investment that was earned prior to 1 January 2024 is tax free but the amount should be capable of being proven hence a statement or valuation dated 1 January 2024 will be helpful.