Capital gains tax tips on family gifted property?

Capital gains tax tips on family gifted property?

16:29 PM, 10th May 2021, About 7 months ago 23

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My wife has a part-time job earning 12,000. Her mother signed over her house in 2002 giving half to my wife’s sister and half to my wife.

My wife’s mother died in February, and they decided to sell the house. My wife’s mother was living there all the time apart from the last six months she moved into my wife’s sisters house, and she died at that house. My wife’s sister was their mothers registered carer and did not have a job.

The property is valued at £1.8 million.

For the last six months we were rewiring and insulating all external walls with 70 mm insulation to bring the property up to a lettable state because it has had no building work or anything done to it for 50 years.

Has anyone got any tips on things we can do to reduce the capital gains we would have to pay?

Thank you

Thomas



Comments

by Michael M

14:29 PM, 26th June 2021, About 5 months ago

Reply to the comment left by Hargreaves Consultants at 18/05/2021 - 11:59
Hello. I would also be very keen to get the contact details for the tax accountant you mentioned. However, I cannot find a way to message you privately. Can you advise please. Thanks Michael

by Hargreaves Consultants

20:02 PM, 26th June 2021, About 5 months ago

I do not know how you can contact me i am not sure if you can insert your email address when you respond to me?

Based on your valuation price of £1.8M you are going to have to pay £504,000 less allowances in CGT.

However with a good Accountant you can reduce this amount significantly.

by aydin

8:45 AM, 28th June 2021, About 5 months ago

Reply to the comment left by Hargreaves Consultants at 18/05/2021 - 11:59
Hi I just saw your response, what kind or further information do you need, my email is amturkan@hotmail.co.uk


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