Is anyone able to assist with calculating if any CGT is due, we are awaiting exact valuations which have been done but may take a week to come through.
I have kindly received a reply previously however these are revised figures and just wanted them checked and any reply would be very much appreciated.
The transactions details for the property are below I would be extremely grateful if someone would be able give any thoughts on how much CGT if any would be due.
1:-First purchased in 1986 by mother and father.
Purchase price - £72,000
Costs associated - £1,500
2:- Property passed to mother through survivorship on fathers death in 2006. Probate value at the time given as £249,000, no formal valuation completed. ( we have requested a retrospective valuation, we are concerned that the valuation may be about £20k-£30 less of £249,000 so just wanted adjusted figures to know what to expect.
3:- Mother transfers 50% equity gift of property to son in 2010, value estimated of the entire house £350,000, no formal valuation completed. (Again we have requested a retrospective valuation for this date but I don’t think this really matters.
5:- Current market value for house is £500,000 previously thought to be £450,000 - £475,000.
Property has remained my mother’s main residence from 1986 to 2016 when it became a let and remains a BTL.
With the Lettings relief and the PRR would you know how much if any CGT would be due.
Previous calculations were based on £50,000 improvements being made, we did incur this as we added a loft room. But I wanted to know what the calculation would be without the £50,000 improvement as part of calculation.
Any help with be very much appreciated.