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CGT Liability
missile
Posts: 11,869 Forumite
Hi,
I helped my MiL purchase her council property Aug 2000, when it was valued at £73,000.
I have owned the property since May 2015, when it was valued at £150,000.
The property is now worth less than £150,000.
AI understand I will not be liable for capital gains tax and do not need to advise HMRC. Am I correct?
Many Thanks,
I helped my MiL purchase her council property Aug 2000, when it was valued at £73,000.
I have owned the property since May 2015, when it was valued at £150,000.
The property is now worth less than £150,000.
AI understand I will not be liable for capital gains tax and do not need to advise HMRC. Am I correct?
Many Thanks,
"A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:
Ride hard or stay home :iloveyou:
0
Comments
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The conveyancer would sort that out.
You are probably best speaking to whoever you plan on using for the legals when you sell it.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
missile said:Hi,
I helped my MiL purchase her council property Aug 2000, when it was valued at £73,000.
I have owned the property since May 2015, when it was valued at £150,000.
The property is now worth less than £150,000.
AI understand I will not be liable for capital gains tax and do not need to advise HMRC. Am I correct?
Many Thanks,How much did you actually pay for the property and when?Are you currently living there and selling it, or have you never lived there and are now selling it?
1 -
Thanks for your comments.
It is currently occupied by my MiL.
Just trying to plan ahead.
As you have suggested, I shall discuss with my solicitor as and when I sell it."A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0
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