We’d like to remind Forumites to please avoid political debate on the Forum.
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.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Capital gains allowance confused...
Sushi1992
Posts: 5 Forumite
Hi guys,
I don't know if anyone knows much about capital gains, and I know it's changing after April, but I thought I'd ask anyway.
My mum who is still alive gifted me a house in may 2015. It was worth 325,000 at the time. I rented from that month until December 2017, where from then until now it is my main residence. It is now worth 400000 at sell point. How much capital gains would I have to pay if any? What is the private residence relief and lettings relief? Is this value going to change substantially come the changes in April?
Thanks
I don't know if anyone knows much about capital gains, and I know it's changing after April, but I thought I'd ask anyway.
My mum who is still alive gifted me a house in may 2015. It was worth 325,000 at the time. I rented from that month until December 2017, where from then until now it is my main residence. It is now worth 400000 at sell point. How much capital gains would I have to pay if any? What is the private residence relief and lettings relief? Is this value going to change substantially come the changes in April?
Thanks
0
Comments
-
I rented from that month until December 2017
Rented another property? Or from your mother?0 -
The house my mother gifted to me. So same house.0
-
So after mum gifted me the house, same month I started renting it to tenants until December 2017, where it was then my main residence from then until now.0
-
-
Was hoping someone could answer outright about gifting rather than having to sift through 1000 pages of documentation 👀...0
-
So you want us to sift through for you and then reduce the 100 pages to wht we think are the relevant 50 pages and quote those.......0
-
no, I am not going to spoon feed someone who does not know the simple difference between to let a property and to rent a propertyWas hoping someone could answer outright about gifting rather than having to sift through 1000 pages of documentation ��...
you can read this instead, for it precisely answers your question, I assume you can do basic maths yourself? You acquired it at market value, given it was a gift. I hope you have robust evidence to support the £325k valuation....
Before April 2020
https://forums.moneysavingexpert.com/showpost.php?p=73621764&postcount=2
after April 2020
step 3 no longer exists0 -
No stupid, I was wanting to see if someone who knew this knowledge would answer... Thanks anyway 😂0
-
Did your mother incur a capital gain?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards