Hi. Thanks for reading this. My Wife and I were gifted our house in December 2015 (solely in my name and been living here for 25 years) by my parents. Value at time of transfer was £150,000. My family has grown and we now have three children so our old listed cottage is no longer suitable and would now like to move. The house was way under valued in 2015 and we have renovated and made good the farm buildings and we believe it could be worth in excess of £325,000 now. My question is, would we be able to sell and move inside the seven years and will this effect CGT or IHT?
Thankyou. I feel like were in the middle of a tax mine field.
Bob.
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