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Capital Gains Tax query
ruth61
Posts: 3 Newbie
My elderly mother rented her house out six months ago and moved into rented accommodation near me so that she could have extra care from a family member - we were all a long way away before that. She is now happily settled 7 miles from me and would like to sell her house and make the move permanent. She co-owned the house 50/50 with my father for 18 years, and lived in it all that time, and when my father died in 2005, his half of it was left jointly to me and my siblings, with my mother retaining her 50% share. We think it is likely to fetch about £280K, which we plan to invest for her longer term care. Are there capital gains tax implications - or other implications - for my mother and for me and my siblings in going ahead with a sale? Any advice would be gratefully received!
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Comments
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Your mum can discount the last 9 months of ownership for CGT purposes so it's unlikely she will have a CHT bill. If your share has increase by more than £12,300 between 2005 and selling then you might have some CGT to pay as would your sibling.ruth61 said:My elderly mother rented her house out six months ago and moved into rented accommodation near me so that she could have extra care from a family member - we were all a long way away before that. She is now happily settled 7 miles from me and would like to sell her house and make the move permanent. She co-owned the house 50/50 with my father for 18 years, and lived in it all that time, and when my father died in 2005, his half of it was left jointly to me and my siblings, with my mother retaining her 50% share. We think it is likely to fetch about £280K, which we plan to invest for her longer term care. Are there capital gains tax implications - or other implications - for my mother and for me and my siblings in going ahead with a sale? Any advice would be gratefully received!1 -
Thanks very much Lover_of_Lycra0
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Bear in mind that, if you plan to sell with vacant possession, then it could take 6 months or more to end the tenancy at present.No free lunch, and no free laptop
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Thanks very much macman0
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