capital gains tax

[mcdonaldclan]

We are about to sell a second property where my now deceased mother in law used to live which we bought some 20yrs ago. I have been told we may be exempt from cgt. if not how do we work out what we pay. Thanks.

[Barmaid]

Because I don't know enough detail about your circumstances, I can't say for sure, but on what you have said so far, I think you will be CGT exempt. Contact the tax office and talk to them - or look at their website at www.hmrc.gov.uk and look at the capital gains manual. If that fails, I would get some quick advice from a solicitor. Don't worry about doing the calculations - yet!!!