Hello. I've had a good look through the cgt posts and I can't find anything that quite matches my - or rather my parents - situation.
They converted the detached garage of their house to an annexe back in about 1980. My sister lived in it for some years and then, in 2010, we bought the house from them (it was their main residence, they moved to Cornwall) and a boundary was established making the two dwellings separate.
Earlier this year they wanted to sell it off so naturally we bought it - it was valued at £240k and that was the price we paid. The transaction went through in April. Presumably, since they have never lived in the property it is liable for CGT, but what is the gain? And when does it need to be paid?
Many thanks for any light you might be able to shed!
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