I have a question I was hoping someone can help me with…
My father died in May 2012 and my brother, sister and I inherited his house.
Probate is now complete and we are renting the property out and paying income tax on the income we are making (it is a large building divided in to 5 separate units).
What I would like to know is, if we hold on to the property for seven years, will we qualify for the CGT relief for properties purchased between 7 December 2011 and 31 December 2014?
Does the fact that we inherited the property and did not buy it, affect our eligibility to qualify for this relief?
Any advice would be greatly appreciated.
My father died in May 2012 and my brother, sister and I inherited his house.
Probate is now complete and we are renting the property out and paying income tax on the income we are making (it is a large building divided in to 5 separate units).
What I would like to know is, if we hold on to the property for seven years, will we qualify for the CGT relief for properties purchased between 7 December 2011 and 31 December 2014?
Does the fact that we inherited the property and did not buy it, affect our eligibility to qualify for this relief?
Any advice would be greatly appreciated.