capital gains tax

jeannietarr2 | 22:36 Fri 14th Dec 2007 | Property

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My husband bought the home he was living in with his parents some 19 yrs ago he lived there for approx. 3 yrs then left we extended/improved the property in 2000 and have now come to sell the property what capital gains tax are we liable for. We have had conflicting advice some say we are not liable others say we arenot thank you Jean

Rent or Buy?

Bad Tenant??

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buildersmate

If he owns this house (or shares the equity with his parents) and it is not his main residence then he is liable of capital gains tax. It is due on the captial gain he makes on it - the difference between its value to him at the start and the end, less the amount he invested in it in 2000, less any CG allowances he can use. He would normally get some taper relief also.
Its impossible to work out an exact % for you - a tax accountant or HMRC will have to do that.

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