I'm trying to find someone who can help with determining how much capital gains tax is due on the sale of a property.
My dad bought the property originally as a 2 bed end terrace, in the 1980's. It was extended to be a 4 bed property in the 1990's and is now in the process of splitting the property into two separate 2 bed properties. One is being sold and the other is being retained by my dad.
The property has been my dad's main and only residence since he bought it. He's had the building regulations sign off for the work done to split it in 2, but the splitting of the deeds isn't going to take place until 1 half is sold (he has accepted an offer, so the sale in is flight).
He has an interest only mortgage on the original property, which he is going to pay off with the funds of sale and move into the newly created property.
Any help is much appreciated as I'm very confused looking online and speaking to a few people. One suggestion was the calculation would be based on what the value of the 4 bed house would have been.
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