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Capital Gains Tax
ksimpson1
Posts: 1 Newbie
Hello, please can you provide advice on buying a second home. I wish to buy smaller home for use as a holiday home. If I wished sell our current home in few years time and live full time in the holiday property, would I have to pay capital gains tax on any profit made on my current home?
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Comments
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You will not be required to pay CGT on your residential property if this was and is your permanent residence.1
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Hi and hello, twenty years ago my mum and dad gave away their house to me and my brother. They continued to live there but now they have moved into rented accommodations. Me and my brother have just sold the house and I’m struggling to work out how much CGT I have to pay. Any help would be appreciated.Thanks in advance.Of course I’m no expert.0
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One for your solicitor to answer - have you asked them?jim_walton said:Hi and hello, twenty years ago my mum and dad gave away their house to me and my brother. They continued to live there but now they have moved into rented accommodations. Me and my brother have just sold the house and I’m struggling to work out how much CGT I have to pay. Any help would be appreciated.Thanks in advance.0 -
what exactly is it you do not understand? Your comment is so vague there is nothing we can help you with because the obvious answer would be go and read the links already given which explain what to dojim_walton said:Hi and hello, twenty years ago my mum and dad gave away their house to me and my brother. They continued to live there but now they have moved into rented accommodations. Me and my brother have just sold the house and I’m struggling to work out how much CGT I have to pay. Any help would be appreciated.Thanks in advance.
do you have robust written evidence of the value of the property 20 years when it was gifted to you? Evidence that would survive HMRC scrutiny if you were unlucky enough to be selected for review?
if not, then pay professionals (an accountant and a valuer) to help, because you need it
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