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 on property left in will

steveL
Posts:1
Joined:Wed Aug 06, 2008 3:02 pm

Postby steveL » Wed Mar 05, 2003 9:27 am

My three sisters and I have been left a property in my mothers will. My mother died 31 years ago, we moved out straight away. Part of it was let at a very low rate to a relative for all this time. They became a sitting tenant and only now are we able to sell the property. I lived there for four years 10 years ago.

I own another property as my main address. Can anyone give be an idea about CGT on this?

Thanks

Nigel Lord
Posts:518
Joined:Wed Aug 06, 2008 2:18 pm

Postby Nigel Lord » Wed Mar 05, 2003 9:59 am

steveL

You will need to supply more information to allow a full response to be provided.

Amongst the potential reliefs and exemptions that will be available include:

Uplifted base cost at 31 March 1982

Indexation allowance from 31 March 1982 to 5 April 1998.

Improvement expenditure (indexed)

Principal Private Residence (PPR) relief for any periods of residence and the last 36 months of ownership

Taper relief from 31 March 1998.

Unsued annual exmptions £7,700 per person. (It would also be possible to use each of the owner's spouse's exemption)

Dependent relative relief (if relevant)

There are a number of other planning possibilities.

The computation of liability, and methods of mitigating any exposure to tax, are quite complex, and you should seek professional assistance.

Our firm specialise in this area of taxation.

If you require any further assistance please do not hesitate to contact us, and we will be happy to act on your behalf.

Nigel Lord
Lord Associates
Taxation & Business Consultants
102 Smarts Lane
Loughton
Essex, IG10 4BS
020 8508 1642 & 07769 931852
lordassociates@ntlworld.com


Return to “Property Taxation”