Question about self assessment tax return

[Deleted User]

Jaguar_Skills wrote: »

How long does she have to live there for the CGT not to kick in? It was rented out on a friendly basis before ie no BTL mortgage so there wouldn't be any evidence she wasnt living there?

When did she buy it?
How long, exactly, did she live in it?
When did she sell it (gift it) to you?
How much did she pay for it - what were the legal costs?
What was the value at the time of the sale (gift) to you?
What capital improvements were made and how much did they cost?

After all that you can calculate the gain.

Problem: Because it was let on a 'friendly' basis it may reasonably be assumed that HMRC don't know a lot about it - no declaration of rental income. Your girlfriend cannot, therefore, claim letting relief on a property that HMRC do not know was let -could be a sizeable relief! You have also indicated that she cannot prove that it was her main residence.

Can of worms.