Gifted or inherited property and Capital Gains Tax

If you inherited or were given an asset, its cost for Capital Gains Tax is its market value on that day. Giving something away is a disposal at market value.

When you receive it

If you inherit or are given an asset, your cost for Capital Gains Tax (CGT) is its market value on the day you got it. That is usually the value used for gift or inheritance tax. Keep that valuation: you will need it when you sell.

When you give it away

Giving an asset to anyone other than your spouse or civil partner counts as selling it at market value. You may owe CGT even though no money changed hands. Revenue's example: a painting bought for €6,000 and given to a carer when worth €10,050 gives a taxable gain of €2,780 after the exemption.

Between spouses

Transfers between spouses or civil partners are generally ignored for CGT: the receiver takes over the original cost and ownership date.

Work it out

• Capital Gains Tax on property →

Sources

• Revenue: How to calculate CGT (checked 25/10/2026)

General information, not tax advice. HeyPenny is not a tax agent.