Looking for some advise please !
We have the opportunity to buy a property as a buy to let adjacent to our current family home . The site on which our home was built formed part of the original folio of said property now for sale . The owner inherited the property in 2004 which included a large garden . In 2007 we bought this garden for 75k & the folio was split . Owner now selling the house but is telling us he has to cover the cost of the CGT liability on the sale . Would he have previously paid CGT when we bought the site in 2007 ? And the remaining house was then revalued stand alone . So the basis of his CGT is now based on the difference between what the house was revalued at in '07 stand alone versus proposed value today ? Hope this makes sense !
We have the opportunity to buy a property as a buy to let adjacent to our current family home . The site on which our home was built formed part of the original folio of said property now for sale . The owner inherited the property in 2004 which included a large garden . In 2007 we bought this garden for 75k & the folio was split . Owner now selling the house but is telling us he has to cover the cost of the CGT liability on the sale . Would he have previously paid CGT when we bought the site in 2007 ? And the remaining house was then revalued stand alone . So the basis of his CGT is now based on the difference between what the house was revalued at in '07 stand alone versus proposed value today ? Hope this makes sense !