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Inheritance And Capital Gains

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I inherited a part of my grandparents house about 15 years ago, however, it has been lived in by another member of my family since. My old man, who is the majority owner of the house is looking to get it sold soon, mostly as its a bit of a hassle and the money would proably be better invested else where. My question is would i be liable for capital gains tax on my share of the property as i have never lived there? I am currently still living with my parents but would it be possible for me to move there for a short time before it is sold? If so how long would i have to, to qualify it as my primary residence? Are there any otehr ways for me to avoid capital gains on this?

cheers

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I inherited a part of my grandparents house about 15 years ago, however, it has been lived in by another member of my family since. My old man, who is the majority owner of the house is looking to get it sold soon, mostly as its a bit of a hassle and the money would proably be better invested else where. My question is would i be liable for capital gains tax on my share of the property as i have never lived there? I am currently still living with my parents but would it be possible for me to move there for a short time before it is sold? If so how long would i have to, to qualify it as my primary residence? Are there any otehr ways for me to avoid capital gains on this?

cheers

In short you will be liable, how much depends on the amount of the gain, indexation and/or taper relief, whether you have any other gains during the year.

Far too complex a question for here, so many ifs and buts, read through the rules at http://www.hmrc.gov.uk/ and see what I mean! I suggest you try the tax forum over at motley fool! http://www.fool.co.uk/

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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