Quizzes & Puzzles15 mins ago
capital gains tax
1 Answers
My husband bought the home he was living in with his parents some 19 yrs ago he lived there for approx. 3 yrs then left we extended/improved the property in 2000 and have now come to sell the property what capital gains tax are we liable for. We have had conflicting advice some say we are not liable others say we arenot thank you Jean
Answers
Best Answer
No best answer has yet been selected by jeannietarr2. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.If he owns this house (or shares the equity with his parents) and it is not his main residence then he is liable of capital gains tax. It is due on the captial gain he makes on it - the difference between its value to him at the start and the end, less the amount he invested in it in 2000, less any CG allowances he can use. He would normally get some taper relief also.
Its impossible to work out an exact % for you - a tax accountant or HMRC will have to do that.
Its impossible to work out an exact % for you - a tax accountant or HMRC will have to do that.