Hi all I am new on here so any help or advise is much appreciated. Basically I have an accountant / tax advisor who looks after my small building business, BUT I am questioning his advise My question relates to a second home that I am looking to sell
I have a second home that I have owned for 300 months
Bought in 1993 for 55k looking to sell after 300 months for 200k - buying costs back in 93 were circa £500 - The property has had capital investment starting back in 1994 when it had Central Htg installed, rewired, new windows, conservatory added. These costs would have been in the region of 10k in total but I don't have any proof as its a long time ago (I do still have the original estate agents brochure which proves these things were not there and thus been done by me over the years)
I lived in it myself (Prr) for 105 months plus the 18 months = 123months
I then let the property BUT apart from the last tenants of 3 years up to today (last 18months are PRR?) dont have any agreements to prove it was let
It has had around 4/5 tenants over the years with a few void periods of say 18 months in total
Selling costs now will be around 3k all in (solicitor / agent)
Could someone kindly offer their thoughts on just how much I should be expecting to pay In CGT ?
The property is in my sole name but would a Deed of trust with my wife help at all??
Im just so confused and feel like my accountant just does'nt quite get what the real situation should be
any help is MUCH appreciated
Thanks
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