Question:CGT on Selling property? Reliefs?

P

Palmal

Guest
Hello,

My question is in relation to CGT.

I’m selling two properties

The first property was a business but has been closed for over 20 years. My sister has lived in the property for the last 40 years rent free, she was unemployed for nearly all this period, she has since left the property and how lives rent free in another property belonging to my brother.
What I’m wondering is would I be able to claim Dependant Relative Relief for the period she lived in the property?
My sister suffers from depression and would have been on medication while she lived in the house, would she be classified as a Dependant Relative?
How strict are the revenues rules in relation to Dependant Relative?

The second property is a registered building, is their any relief’s in relation to that?

Apart from maybe Dependant Relative Relief on the first property, is there any other reliefs that I might be able to claim?
I have not lived in either property so I can’t claim PPR.

If I transferred the property to my children or my wife and they sell it, would that increase the valuation value of the property for calculating CGT and reduce the liability?

In calculating CGT can I take away accountancy fees involved in the selling of the property or is it only legal fees?

I hope someone can help me.
 
The first property was a business but has been closed for over 20 years
Click to expand...

Was the business a limited company? If so was the property transfered from the limited company to you legally? At what value? Is it your's or the company's to sell. If not then you should talk to an accountant tax specialist who deals with this type of query.

Generally CGT will be payable on the difference in the selling price and the purchase price/transfer costs plus indexation plus improvements less buying /selling costs including accountants fees and stamp duty if paid.

Not sure about the rest of your query.
 
No it wasn’t a limited company.

Does anyone know about the Dependant Relative issue?
 
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