CGT Liability

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,  :)


"A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:

Comments

  • ACG
    ACG Posts: 23,625
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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 Adviser
    You 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.
  • MWT
    MWT Posts: 9,139
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    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
    missile Posts: 11,679
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    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:
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