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Capital Gains on Previously inherited house
tlambert1766
Posts: 35 Forumite
in Cutting tax
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
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
0
Comments
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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:0
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