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bigduckontax, Accountant
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Experience:  FCCA FCMA CGMA ACIS
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My father has a property in his sole name as my mother

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My father has a property in his sole name as my mother passed away in 2008 and jointly owned property passed to him. About 4 years ago he added his 3 sons, who all own their own properties to the title, so now there are 4 people registered as owners at the land registry.
he is looking to see. I am trying to find out the tax implications of a sale and if tax is payable, how to reduce it.
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Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

On sale any gain made from the acquisition price to the net selling price will be divided by 4. You Father's share will be entitled to Private Residence Relief (PRR) which relieves Capital Gains Tax (CGT) at 100%, so no CGT payable. However, the son's portions will be subject to CGT, but only on the difference between the net selling price and the current market value 4 years ago. From this each has a non cumulative Annual Exempt Amount (AEA) of 12K. Once that is taken off then the remaining balance will be exposed to CGT at 18% or 28% or a combination of the two rates depending on the individuals' income in the tax year of disposal.

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Experience: FCCA FCMA CGMA ACIS
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