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Where Taxpayers and Advisers Meet

Capital Gains Tax

eiwob1
Posts:5
Joined:Mon Jul 16, 2018 3:41 pm
Capital Gains Tax

Postby eiwob1 » Mon Jul 16, 2018 3:59 pm

Hi I'm not sure if I have repeated myself. But I hope you can guide me. I bought a property with my late father in 1990 for £16,500 and it is worth approximately today £350,000. I may have to sell and need to know what CGT I may have to pay. My father died in 2011 and as property was in joint names I took ownership. I believe any gain before he died is halved for CGT calculation. I have lived in the property back and forth over the years (living with girlfriends) when not. I have lived there for the last five years and have paid council tax but also pay council tax at my girlfriends. I know I can get relief for periods I have lived in the property, but how do I prove or be exact for the revenue. I have never elected a property as my PPR, but any guidance or help is appreciated.

Many thanks

Mike

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