In August 2001, along with my mum and dad, I bought their house from the Northern Ireland Housing Executive. I paid the cash using redundancy money and mum and dad were entitled to 60% tenancy discount.
House valued £58,000
Tenancy discount £34,800
Price paid £23,200
My parents continued to live in the house and in 2003, my sister, who was suffering from a mental illness and dependant on them, moved in with them. In October 2011 - my dad died and in June 2014 – mum developed dementia and moved into nursing home until her death in November 2015
My sister continued to live in the house until she moved to sheltered accommodation in October 2016.
At no time did I receive any ‘rent’ for the property.
In May 2016 – I added my husband’s name as owner of the property.
I have now sold the property for £109,000 and would be grateful for any help regarding the amount of Capital Gains tax I need to pay. What amount is considered profit and do any of these factors influence that amount?
Also, how do I pay this - do I wait until my next tax return or is there a specific form I should complete now?
Thanks in anticipation
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