We have owned it for 3 years and the renovations were done over 2 years. We stand to make a profit of £19000 total on the transaction.
sorry forgot to say it is neither my mums or husbands place of residence.
Thank you for the prompt reply, which is very helpful. You mention exchanging contracts by 5th April. If the original buyer can exchange by the 5th does this mean I can include the transaction in 2013/14 although the sale is exchanged and not completed.
The tax point for Capital Gains Tax in relation to a property transaction is the date that contracts are exchanged unless the contract is conditional. See page CGN15 here. You may also find the notes here useful.