Hi there,
This isn't straightforward but hoping someone can help give me a ball park figure.
Bought a home that I shared with my mother in July 2003, it was 50/50 between us and we paid £24k in total for it.
I moved out in April 2007 and bought another house with my now husband.
March 2016 my mother transferred the whole of the property to me as long as she could carry on living there rent free, property was valued at £128k, but I didn't give her any money - as she will be living there and not paying rent.
If I was to sell the property at an estimated value of £170k, how much CGT am I liable for? I could transfer a % to my husband couldn't I so that he could use his allowance? How do I work out how the period of time I was living there reduces my liability?
I've seen people on here talking about base cost etc, but I am not sure what that means.
I work part time for £27k a year, so I know that I will have to pay !8% up to the threshold and then 28% above the threshold. Husband earns £39k so I know I wouldn't be able to transfer that much to him before he hits the higher rate bracket.
Hopefully that's enough information to go on.
Thank you,
Julia
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