The parents of my girlfriend bought a property in her name back in 1986. The property has been let ever since (with the exception of a few short periods of renovation). She has never lived in the property. She has been reporting the rental income on her tax returns. Her parents now want to sell the property.
- I assume that she will be assessed CGT on the gain that arises - what reliefs are open to her to minimise the CGT liability?
- If it would be necessary for her to move into the property for a short while to establish it as her main residence how long would this have to be for?
The situation is slightly complicated by the following:
She bought a rental property in her own name in August 2002 which she in effect lived in until January 2003 - it has been let out ever since. This is the only property that she has owned that she has lived in - for the remaining time she has either lived with her parents (property owned by parents) or myself (property owned by myself).
Any guidance on the CGT position gratefully received.
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