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Hi Sam, my sister and i inherited my dads house for 220k in

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Hi Sam, my sister and i inherited my dads house for 220k in 2000. Its been rented out since june 2013, although prior to that one of us have been living in it. We're planning to sell it in June next year (2015) and want to know what we can do to reduce our Capital Gains Tax exposure. Can you offer any advice? Sorry, should have said that estimated value is now in the region of 700k.
Thanks for your advice.
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi

Thanks for your question and for asking for me.

As there has ben a time between 2000 (the date you inherited the property) and the sale date, that you have each lived here, then if this was a main residence - then you may be due private residence relief for the time you lived there and the last 18 months of ownership.

This along with private lettings relief, may well se a reduce capital gain arising.

For each of you can you advise the dates you lived here, and advise that this was your main or only residence at the time. If this is not the case, then please advise further, under what circumstances this became a place for you to stay.

I can the give you an approximate capital gain position - but will advise there is nothing you can do at this stage to change what has already taken place. and that's what will affect the chargeable element of any gain made.

Thanks

Sam
Sam, Accountant
Category: Tax
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