My father is going to be gifting his three siblings the old family home splitting it into three plots. Plot one has the old family home on it, derelict for 25 years and in need of demolition, the other two plots are just land with no access other than through plot 1.
Value when he got it was 40k and value now is around 150k (been surveyed just awaiting report) so cgt due on 110k which seems a bit wrong as he’s making nothing and we are basically just getting our inheritance a few years early. Father has no income other than basic pension and no savings so we will be footing the bill however it’s a large chunk out of our house building fund.
Is there anything else we can offset against the gain or any way to defer the cgt to us? Our accountant basically has said he no’s no way round it and suggested speaking to a specialist at the cost of 2k which would be money spent if he saved us on the tax but could make no guarantees.
Any help appreciated and were in Scotland if it makes a difference.
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