My father in law gifted a property to my husband and I in Nov 2006 at which point we moved into the house with him. We lived in this property completely as our home, relocated schools etc. However the arrangement did not work out and we moved out in July 2007 and bought another house, leaving my father in law in the property. He then moved to a smaller property in March 2008 at which point we sold the house. Are we liable for both iht and cgt or can we claim ppr?
Thanks for your response. The property was valued at £130000 when gifted and we sold for £151000.
My husband was on electoral role but for some reason mine never was.
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So would we not pay cgt on the total amount?