My parents bought their 3 bedroom semi in November 1985 at a 20% discount under the right to buy scheme for £5,700. Their joint names were on the Deeds.
Plus Legal costs of £ 86.25
(Right to buy 20% discount was £8,550 according to Deeds)
My parents then decided to gift the property to me and the Equity transferred to me was finalised on 18th January 1991. No money changed hands as it was a gift.
My parents continued to live in the house rent free until Mum died and Dad went into care in January 1996 and he has since passed away.
Since then the property has produced a rental income, but I now wish to sell. The property has been valued at £105,000 which in any other circumstances would be a large capital gain. However, is inflation taken into account and also would the transaction be liable to CGT as I effectively received the property as a bequest?
Or am I grasping at straws!
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