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Where Taxpayers and Advisers Meet

CGT relief

Posts: 35
Joined: Wed Aug 06, 2008 3:42 pm

CGT relief

Postby mill » Thu Oct 12, 2017 4:43 pm

In 2003 we bought a house for the use of our parents. They have lived in the house rent free since its purchase paying only the council tax and the utility bills. One of the couple died some time ago and the survivor has just entered a care home.
If we sell the property, we are as 40% taxpayers, faced with a significant capital gains liability.
is there any advantage if we rent out the property for a few years, rather than selling immediately. Would we accrue any CGT reliefs (possibly letting allowance or whatever?)

Posts: 7283
Joined: Wed Aug 06, 2008 3:25 pm

Re: CGT relief

Postby maths » Thu Oct 12, 2017 5:43 pm

Lettings relief only applies if the property was ever your sole or main residence.

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