u2meetsrem
Registered User
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Can anyone explain how capital gains tax would work in this scenario concerning a family member?
House bought for £50,000 (say 63,500 Euroish)
Owner has moved house in 2004 but house has been lying idle most of the time since & rarely rented out, maybe for 6 months in total.
Now intends selling house which has not been the family home since 2004 & should fetch 300,000.
What would the tax liability be on this or how would it be calculated.
House bought for £50,000 (say 63,500 Euroish)
Owner has moved house in 2004 but house has been lying idle most of the time since & rarely rented out, maybe for 6 months in total.
Now intends selling house which has not been the family home since 2004 & should fetch 300,000.
What would the tax liability be on this or how would it be calculated.