We have recently downsized by moving into a smaller property that we have owned for over 20 years. It had been rented out since purchase and we had never previously lived in it.
1) To what extent will our occupation now mitigate the considerable capital gains, should we ever need to sell?
2) Our wills leave the property to our children. At what point will we qualify for the added IHT exemption accorded to those who leave their home to children or grandchildren?
3) We have been informed that any extra IHT exemption would be limited to the market value of our property.
Thanks in advance for any guidance
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