We'd like to remind Forumites to please avoid political debate on the Forum... Read More » This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

CGT on holiday home

Snowdrop1 · 2015-11-10 11:56:48

My parents have owned a holiday home since 1981. As they are both in their 80's now they are considering whether to let it out as a holiday let or to sell the property. They bought the property for £20,000 and it has been valued at £200,000. They are low rate tax payers, and is jointly owned by both of them. Advise please…

Options

Comments

laticsforlife Posts: 1,313 Forumite

13 November 2015 at 2:34PM

I would imagine your dad wouldn't much like the idea of renting it out seeing as he has a lot on his plate, unless you can get a reputable letting agent to do the whole process and just be content to receive a bit less.

Can you manage it for him, and provide the income?

The CG aspect I can't see a way round unfortunately, might be better to let it be inherited, IHT limit is far higher.

I didn't do it, nobody saw me do it, you can't prove a thing!
Quidco and Topcashback, £4,569
Shopandscan, £2,840
Tesco Double The Difference, £2,700
Thomson EU261/04 Claim, £1,700
British Airways EU261/04 Claim, EUR1200
0

This discussion has been closed.

★ ★ ★ Meet your Ambassadors

Confirm your email address to Create Threads and Reply

MSE News

British Airways passenger? Book and travel using your old Covid vouchers NOW – or lose them
If you had a British Airways (BA) flight or holiday disrupted by the Covid-19 pandemic, check if you've got an old voucher as millions of pounds' worth are still unclaimed. You'll need to use it to travel before the end of September 2025 – or risk losing it. Below we explain how to search for unused vouchers and how to use them.

View All

CGT on holiday home

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free