This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

CGT relief

mill
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?)

maths
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.


Return to “Capital Gains Tax, CGT”