Bought parents council house - tax when sell ?

Mick70

Hello ,
my wife and her sisters bought their fathers council house ,at a discount    about 5 year or more ago .  Grim subject but when time arrives and he passes away (nrly 80
now ) , are they able to just sell the house at market value ? 
It won’t be a huge amount between three daughters 

thanks
mick 

General_Grant

Mick70 said:

Hello ,
my wife and her sisters bought their fathers council house ,at a discount    about 5 year or more ago .  Grim subject but when time arrives and he passes away (nrly 80
now ) , are they able to just sell the house at market value ? 
It won’t be a huge amount between three daughters 

thanks
mick 

Did they provide finance in order that your father-in-law could buy it?

justworriedabit

General_Grant said:

Mick70 said:

Hello ,
my wife and her sisters bought their fathers council house ,at a discount    about 5 year or more ago .  Grim subject but when time arrives and he passes away (nrly 80
now ) , are they able to just sell the house at market value ? 
It won’t be a huge amount between three daughters 

thanks
mick 

Did they provide finance in order that your father-in-law could buy it?

My understanding of these property give aways was family/friends anyone could by it on the behalf of the person that lived there and the person living there I think had to stay there for an x number of year, I could be slightly off target but in general it is spot on

They may have to pay CGT depending on the market valuation at the time and not the give away price but that needs to be checked out fully as I'm not 100% on that. The sellers get their CGT allowances, expenses allowances and then tax.

As i type i think if you sold within 5 years you paid paid back some or all of the dicount on a sliding scale i thing but after 5 years it was afree for all at 80% discounts,

Jeremy535897

They may have to pay CGT depending on the market valuation at the time and not the give away price but that needs to be checked out fully as I'm not 100% on that.

I do not agree. See:

https://forums.moneysavingexpert.com/discussion/6257959/cgt-on-property#latest

Mojisola

Mick70 said:

Hello ,
my wife and her sisters bought their fathers council house, at a discount about 5 year or more ago. 

Whose name is on the deeds at the Land Registry?

It's unlikely to be the three sisters but they may inherit the house if the capital isn't needed to pay for residential care.

Norman_Castle

https://www.gov.uk/right-to-buy-buying-your-council-home/selling-your-home