how do i avoid capital gains tax

xylophone

Unfortunately they inherited the house a fair few years ago so the value has gone up considerably dunno how it works exactly so any help is greatly appreciated

Did you try the calculator in my post above?

https://www.gov.uk/tax-sell-property/work-out-your-gain

A tax accountant could be engaged? https://www.unbiased.co.uk/tax

Mojisola

tommytwosheds wrote: »

Unfortunately they inherited the house a fair few years ago so the value has gone up considerably dunno how it works exactly so any help is greatly appreciated

The tax will still only be a small percentage of the money they will make by selling it.

Savvy_Sue

Spidernick wrote: »

Letting relief can only be claimed if the property was the Principle Private Residence at some point, which would not seem to be the case here. I think Savvy Sue meant this, but was a little unclear.

That's a gracious assumption on your part, but regrettably I was just plain wrong as I hadn't registered that lettings relief wouldn't apply if you'd never lived there.

I'll edit my previous post so as not to mislead anyone! :rotfl: