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TaxRobin
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Experience:  International tax
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, My father inherited his house from his mother in 1984,

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Hi,
My father inherited his house from his mother in 1984, valued then at approximately £40,000 and now wants to sell it to his grandson, valued now at approximately £140,000, he lived in it until March 2014 and now lives in permanent residential care and is self funding, the house has been rented out for the last 12 months at £550.00 per month, would he have to pay capital gains tax and would he get private residence relief and also letting relief.
Many thanks.
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello and thank you for allowing me to assist you.
Your father would receive Private Residence relief based on his use of the home for the years he lived there.
Because he only owned one home and in long-term residential care, he will get full relief for the last 36 months before he sells his home.
He should have no Capital Gains Tax to pay .
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