How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 6950
Type Your Tax Question Here...
bigduckontax is online now

My father has a property in his sole name as my mother

This answer was rated:

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.
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!

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.

bigduckontax, Accountant
Category: Tax
Satisfied Customers: 6950
bigduckontax and other Tax Specialists are ready to help you

Thank you for your support.