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Where Taxpayers and Advisers Meet

CGT on a second property

8thegeorge
Posts: 39
Joined: Wed Aug 06, 2008 3:24 pm

CGT on a second property

Postby 8thegeorge » Sat Jul 27, 2019 10:34 pm

Good evening

My wife purchased a house in 1997 in order to be able to accommodate her mother as sole occupant. Her mother eventually had to go into care and the decision was made to rent the house in order to help to fund the care home fees. My mother in law sadly passed away ten years ago and the property has stayed rented up to date. The value of the house has increased from a purchase price of £75 to an approximate figure of £240 at today's prices. The excellent tenants are possibly moving abroad next year and we have to decide whether to sell the house or re-let.
Will CGT be payable on the increase in value?

darthblingbling
Posts: 263
Joined: Wed Aug 02, 2017 9:09 pm

Re: CGT on a second property

Postby darthblingbling » Sun Jul 28, 2019 9:12 am

Yes

darthblingbling
Posts: 263
Joined: Wed Aug 02, 2017 9:09 pm

Re: CGT on a second property

Postby darthblingbling » Sun Jul 28, 2019 9:15 am

Speak to an advisor and get some planning done however as you may be able to utilise each others annual exempt allowances and remaining basic rate bands of planned properly

darthblingbling
Posts: 263
Joined: Wed Aug 02, 2017 9:09 pm

Re: CGT on a second property

Postby darthblingbling » Sun Jul 28, 2019 9:15 am

Speak to an advisor and get some planning done however as you may be able to utilise each others annual exempt allowances and remaining basic rate bands of planned properly


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