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Capital Gains tax on a family purchase
Comments
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I know what I meant and I meant what I know Capital Gains Tax is a travisty and whoever first came up with the concept should be lined up against a wall along with all the Remainers single dads teenage mums bigots racists immigrants bankers tabloid journalists druggies 2nd property owners car drivers and shot.
Not many left then,......
Dunno who came up with the concept: Sunny Jim brought it in in UK 1965...
http://www.telegraph.co.uk/finance/personalfinance/capital-gains-tax/7771799/Capital-Gains-Tax-a-brief-history.html
- but the USofA seems to have had it since at least 1913..
https://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States#History0 -
How could you backtrack 20 years of rent payments to find out tax liability anyway?0
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you have misread the OP, the let period is 5 years between 2010 - 2015 as below extract and since the OP was the tenant it would be relatively easy to see how much was paid by whom to whom and when.Crashy_Time wrote: »How could you backtrack 20 years of rent payments to find out tax liability anyway?They don't live here at all and haven't since May 2010 - we rented it from them between then and November 2015 when the mortgage began.
if MIL is "guilty" of a little bit of knowledge/hearsay then she may have picked up and incorrectly twisted the fact that the 18 month exemption period at the end of ownership was once 3 years. As she appears not to know much about tax I can see how "final 3 years exempt" becomes "cannot sell for 3 years and then it is exempt". As the first reply says: utter toshDoes anybody know what she could be referring too? I hope I have posted this in the right place and thanks for any help you may be able to offer!
However, as keep pedalling says, whilst the IL are certainly liable for CGT (and we assume income tax also) it is probable they will not have any CGT to actually pay because, if they come clean about the rental income, they can then claim letting relief worth up to £80,000 since they appear to be co-owners of the property until 2015. That will be on top of the approx 21.5 years exemption as per keep pedalling's illustration.
focus on getting them to come clean and get this sorted once and for all0 -
Just you and me really artful.theartfullodger wrote: »Not many left then,......0 -
It is your house.
Just sell it when you want to.0
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