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Expert Lu
Expert Lu, Business Consultant
Category: Tax
Satisfied Customers: 303
Experience:  ACCA Diploma
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It's complicated! My brother and I inherited my parents

Customer Question

it's complicated! My brother and I inherited my parents house in 1996. My brother sold me his 50% and I have rented it out ever since. I now live in Cornwall the cottage is in Norfolk, it is getting too difficult to manage from this ditance, but the new rules on selling a second home look as if I would pay a massive amount of tax if I sold it. Can you clarify this for me or suggest ways to avoid such a big tax bill please?
JA: When was the property or asset sold?
Customer: It has not been sold. I still own it.
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: I think everything is in the original message. I have invested quite a lot of money over the years with repairs and renovations.
Submitted: 13 days ago.
Category: Tax
Expert:  Expert Lu replied 13 days ago.

Helloand welcome!

Expert:  Expert Lu replied 13 days ago.

I am an expert with Just Answer and I am happy to assist you with your question.

Expert:  Expert Lu replied 13 days ago.

I am currently reviewing your question on CGT and I will get back to you.

Expert:  Expert Lu replied 13 days ago.

Thank you in advance.

Expert:  Expert Lu replied 13 days ago.

Expert Lu

Expert:  Expert Lu replied 13 days ago.

Hello and thank you very much for your patience.

Customer: replied 13 days ago.
Happy to give you as much time as you need.
Expert:  Expert Lu replied 13 days ago.

After reviewing your question unfortunately  there is not much that can be done to reduce this tax liability.  However if you have made any capital expenditure  improvements  to the property , advertising costs, conveyance fees all these can be deducted from the tax liability.  You are also entitled to your yearly capital allowance.This will reduce your liability too.

Expert:  Expert Lu replied 13 days ago.

Please kindly feel free to asknof you need me to clarify my answer.

Expert:  Expert Lu replied 13 days ago.

All the best .

Expert Lu