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TaxRobin
TaxRobin, Tax Consultant
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Experience:  International tax
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Hello I have lived, since 2006 ,in my son and daughter-in-law's

Customer Question

Hello
I have lived, since 2006 ,in my son and daughter-in-law's house which i sold to them in 2001, and they lived in until 2006 when they moved to find work.
In 2008 I lent them money which was to be repaid to me on the sale of the house. Recently my son and daughter-in-law have become 40% tax payers.
I am ready to have my money returned, 149k, so we had the property valued by a local estate agent with the view to putting it on the market early 2015.
After reading about Capital Gains we are concerned that there will not be enough money left after estate agents fees etc for them to repay me on sale of the property.
It all seems rather complicated.
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
Hello and thank you for allowing me to assist you.
So sorry for the delay.
It is complicated when you sell a property that you are not using as your main home.
They can deduct costs of buying, selling or improving the property which reduce their gain. So the estate agents fees can be a deduction for them.
Did they change their nomination for their main home when they left? If they did not then they will not have to pay capital gains tax. If they did then they can at least use some of the relief.
In most cases, you only get relief for one home for any period. They must work out when they lived in the property as their main home.
They can get relief for the last 18 months they owned a property. They will have to work out their gain first.
Customer: replied 1 year ago.

I don't understand 'change their nomination' ?? What does that mean please?

Expert:  TaxRobin replied 1 year ago.
Hello,
change their nomination is letting HMRC know that they are living in a different house.
I am understanding that they bought your house then moved to another place. At that time they could have let HMRC know that they were now in another main home.

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