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Capital Gains on Previously inherited house

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Mother inherited a house in 1995 valued for porbate at that time at £110,000.
Her step brother lived in this house until earlier this year.

The house is in disrepair but is now valued at around £500,000.

Can anyone help with any advice on cutting down any cgt bill if she decides to sell.

Is there any 'tapered relief' ?

Step brother passed away but had no rights to the house

Comments

  • fengirl_2
    fengirl_2 Posts: 4,530 Forumite
    Its a bit late to do anything about CGT - this should have been considered when she inherited the house.
    Taper relief has been abolished - gains are now taxed at 18% with an annual expemtion of £10,100 for this year. All costs of sale need to be included in the CGT calculation.
    £705,000 raised by client groups in the past 18 mths :beer:
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