CGT Liability

missile

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, 

ACG

The conveyancer would sort that out.
You are probably best speaking to whoever you plan on using for the legals when you sell it. 

MWT

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?

missile

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.