My Mother 50%, my sister and I 25% each
Yes my sister and I have not lived with my mother since 1975.
In 2002 the property was probably worth £200K. The agreed selling price is for September 2014 is £285K.
If I understand you correctly,my, recently widowed, sister's income for 2014/15 will be her pensions not sure how much exactly but I estimate less than £15K. If the property was worth £200K in 2002 and we sell at £285K then her capital gain is in the region of £21K, (85/4). If she does not pay CGT on the first £11K then she will pay CGT of 18% of £10K which is £1.8K?
The same figures apply also to me but it how do we take into account the fact that I have spent £15K preparing the bungalow for sale, improving or adding value?
Please confirm my approximate values above and many thanks.
Thanks I see that point but please confirm my numbers above are in the right ball park, with reference to the CGT we pay.