StephenWhite
Registered User
- Messages
- 3
but on the surface it seems your collective Indexed Thresholds for Capital Acquisitions Tax would rule out the possibility of CAT. I think your solicitor is wrong, but IANAL.
Pat ... did you mean 'rule out the possibility of CGT'?
It all depends on the circumstances of the property valuation and subsequent sale. A 64% rise in the value of the property within a year is not easily explainable in the context of the present property market, but there may be factors here (eg competitive bidding for the property) that we're not aware of, so it's difficult to comment definitively.
The OP may consider getting specialist tax advice here, on the off-chance that it might yield a big tax saving.
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