Can he claim a portion of the 50k he put into the house, I think he may be able.Don't over complicate this.
The period of ownership is 8 years, and the period of occupation / deemed occupation as a PPR is 2 years.
Three quarters of the gain will be liable to CGT, that's quite clear.
The trickier part will be correctly calculating the gain...
Which raises another question, the transfer value is still probably still deducted from his life time amount from his father and increases his CAT liability if the inheritance is over whatever that figure.......am I right in saying that?Assuming has receipts the cost for CGT basis would be transfer value plus 50k i would assume, so gain 90k less legal, selling costs and probably professional fees on the initial transfer
Sorry, my question was if there was further inheritance would the initial gift above come off the lifetime amount?The value for CAT is the vaule when he inherited - any gains after that are Capital Gains
Thanks for that. Ya you're right. I think i was trying to over complicate it to justify a lower calculation . I have receipts for the 50k, if I was to estimate total works at 60k which is possibly the actual figure would I have to prove the final 10k?.Don't over complicate this.
The period of ownership is 8 years, and the period of occupation / deemed occupation as a PPR is 2 years.
Three quarters of the gain will be liable to CGT, that's quite clear.
The trickier part will be correctly calculating the gain...
Yes you should have receipts for everything and pushing up the value without them is not legal.Thanks for that. Ya you're right. I think i was trying to over complicate it to justify a lower calculation . I have receipts for the 50k, if I was to estimate total works at 60k which is possibly the actual figure would I have to prove the final 10k?.
Of course - the clue is in the name "lifetime amount"Sorry, my question was if there was further inheritance would the initial gift above come off the lifetime amount?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?