Capital Gains Tax on unoccupied property

[sallyann16]

My partner had his father's house transferred into his name 10 years ago, and dealt with the mortgage, bills etc.
His Dad has now moved into sheltered acommodation and partner wants to sell the house.
However, because my partner didn't ever live there himself, he will be clobbered for a huge amount of capital gains tax.
Does anyone know how the system works, and how much he will be liable for?

[buildersmate]

CGT is assessed on the gain - the difference between what he sells it at now and what it was worth 10 years ago, but less selling expenses (estate agent, solicitor). Then he can deduct an annual allowance of about 310k from that figure, and he pays 18% tax on the result (unless he's a higher rate taxpayer).

There may be ways to minimise it (if a big figure) so probably worth talking to a tax consultant. For example, it is feasible to live in it for the next 6 months before selling?

[buildersmate]

£10k, not 310k

[sallyann16]

Thanks Builders Mate, very helpfu stuff. I spoke to an accountant very briefly and she said that she thinks the rules have been tightened in that it is no longer permissible to move in just for 6 months to avoid CGT.
But my partner is due to speak to her properly next week so we should learn more.
So if for example he bought the house for £90K and it's now worth £150K, would be get taxed on just the difference - i.e. £60K?

[bednobs]

yes - but don't forget the allowance too

[Old_Geezer]

So how long do you have to move back in for ?

[sallyann16]

Thanks for your answers everyone x