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No rent paid by father.
My wife and myself do not work. We clear £300 per month on rental properties only and I get £100 private pension per month. We are living on savings. We do a self assessment yearly.
Is capital gains tax due only on the value of the property in 1995 and present day valuation, or the whole amount?
Many thanks for your help.
Hi You are very welcome and I hope that the position has not caused further cause for concern, as pre owned asset tax and the inheritance tax position is not always fully understood when transfers of main residences are made, and I hate to be the bringer of bad news, but do need to make sure you are fully aware of the whole position.
. Thanks Sam