Tweet
Hi all - firstly it's been a while since i was here - last time your amazing support helped me get a set aside for an unknown CCJ, and very much enjoyed the day in court against the ill-prepared rep of the financial institution.
I now have another area I might need a bit of outline advice - as I've done quite a bit of researching, and currently not coming up with a fairly clear answer. (And I understand this is a forum with views and opinions - but it may be that someone has experienced something similar, so it's very much worth asking!)
* Mum passed away in 2019.
* I moved into the family home after living overseas for a few years - again in 2019 - to support my dad to help him get back on his feet.
* He rewrote his will in 2020 to exclude my sister due to the fact she'd 'borrowed' a substantial amount of money, and failed to pay it back. (Not relevant - but useful background info)
* Instead of him getting back on his feet, it ultimately ended up that I became his carer, and he too passed in 2021.
* Probate was eventually granted after some blockages by a sibling that had been excluded from the will, although these blockages are now resolved.
* The house is currently 'under offer' and sold subject to contract.
* Due to the delay from the initial property valuations after my dad's passing and today - the property value has increased.
* When the house is sold (excluding the residuary estate) my sister will receive 25% of the value - and I will receive 75% of the value.
* The difference in price from initial valuation to current sales price is about £70k. 75% of that £70k (my share) is around £52k - which if capital gains tax applies would be around £10k.
* From 2019 to the current day the property has been my main and only residence.
* I don't own any other property anywhere in the world
From the above info (and happy to supply additional info if it helps) - would the board experts be able to share a view on whether as the property was my main residence prior to my dad passing, and has been ever since, that there may be a case for 'Private residence relief' so that I don't have to pay capital gains tax? The inheritance will be used to purchase my onward primary residence.
The gov.uk website doesn't really cover the above as an example:
https://www.gov.uk/government/public...ce-relief-2020
And the only other info that looks remotely close is this one which does mention inheriting 75%:
https://library.croneri.co.uk/cch_uk/etc/15535
I'd welcome replies from anyone that might be able to point me in the right direction, share a view, or have real-world experience they'd be kind enough to share? Thanks in advance.
I now have another area I might need a bit of outline advice - as I've done quite a bit of researching, and currently not coming up with a fairly clear answer. (And I understand this is a forum with views and opinions - but it may be that someone has experienced something similar, so it's very much worth asking!)
* Mum passed away in 2019.
* I moved into the family home after living overseas for a few years - again in 2019 - to support my dad to help him get back on his feet.
* He rewrote his will in 2020 to exclude my sister due to the fact she'd 'borrowed' a substantial amount of money, and failed to pay it back. (Not relevant - but useful background info)
* Instead of him getting back on his feet, it ultimately ended up that I became his carer, and he too passed in 2021.
* Probate was eventually granted after some blockages by a sibling that had been excluded from the will, although these blockages are now resolved.
* The house is currently 'under offer' and sold subject to contract.
* Due to the delay from the initial property valuations after my dad's passing and today - the property value has increased.
* When the house is sold (excluding the residuary estate) my sister will receive 25% of the value - and I will receive 75% of the value.
* The difference in price from initial valuation to current sales price is about £70k. 75% of that £70k (my share) is around £52k - which if capital gains tax applies would be around £10k.
* From 2019 to the current day the property has been my main and only residence.
* I don't own any other property anywhere in the world
From the above info (and happy to supply additional info if it helps) - would the board experts be able to share a view on whether as the property was my main residence prior to my dad passing, and has been ever since, that there may be a case for 'Private residence relief' so that I don't have to pay capital gains tax? The inheritance will be used to purchase my onward primary residence.
The gov.uk website doesn't really cover the above as an example:
https://www.gov.uk/government/public...ce-relief-2020
And the only other info that looks remotely close is this one which does mention inheriting 75%:
https://library.croneri.co.uk/cch_uk/etc/15535
I'd welcome replies from anyone that might be able to point me in the right direction, share a view, or have real-world experience they'd be kind enough to share? Thanks in advance.
There doesn't appear to be much information out there from people's previous experiences in a similar position. I've just found that HMRC now have a forum as well - and have posted there too. If I get a response there before I get a response here - I'll update the thread either way - but if someone with experience happens to know it'd be great to hear. (I do know that HMRC themselves are not always spot on in their initial responses).
Comment