Hi,
My Father has lived in his home for 50 years which is mortgage free. He wants to move and has identified a new home which he wants to buy for cash. If this works out, he will then own a new PPR and will proceed to put his old PPR on the market.
He owns no other properties.
My question is, could he be liable for capital gains when his old PPR sells ? This may take quite some time, even a few years. Any suggestions on how to minimise CGT also welcome.
My Father has lived in his home for 50 years which is mortgage free. He wants to move and has identified a new home which he wants to buy for cash. If this works out, he will then own a new PPR and will proceed to put his old PPR on the market.
He owns no other properties.
My question is, could he be liable for capital gains when his old PPR sells ? This may take quite some time, even a few years. Any suggestions on how to minimise CGT also welcome.