Capital Gains tax on property my father was living in when I sell

C

Chris banner

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Hi
10 years ago my then wife and I bought a property for my father to live in in his old age (we never charged rent). He lived in this property until a year ago when he has now moved into a nursing home. I recently have got divorced and as part of the settlement have bought my wife out of this home and now live in it myself. My question what are the CGT implications is I sell it and if there are how long should i live in it before I can sell it with out being charged CGT?

Thanks in advance
 
If your father was widowed or incapacitated for all or part of that period, you may be able to get a full or partial CGT PPR exemption for the period during which he occupied it.

The fact that your ex was part-owner may complicate this.

If you're contemplating selling the property, professional advice based on a full understanding of the circumstances would be highly recommended.
 
Did your ex-wife pay CGT on the property when you bought her share?
 
You should be fine with any decent and experienced practising accountant.

Ask family or trusted friends for recommendations.

Before hiring anyone, talk to them and make sure that they're familiar with the intricacies of CGT
 
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