jules1a
16-07-2008, 16:11 PM
Hi
I bought a flat for my dad to live in rent free in Sept 1999 for 27.5k.
I have never contacted hmrc about any costs or anything.
I sold it in Jan 08 for £85k.
1 - Can i say i lived in it as PPR for some years to avoid cgt? ( i did on and off nursing him )
2 - What cgt would be due? Can i offest the annual costs of the upkeep and running of the flat or the mortgage interest ( on another property ) remortgaged to pay for it?
What detail does hmrc need in a calculation?
How does hmrc pick up that there may be cgt?
Thanks so much
jules
I bought a flat for my dad to live in rent free in Sept 1999 for 27.5k.
I have never contacted hmrc about any costs or anything.
I sold it in Jan 08 for £85k.
1 - Can i say i lived in it as PPR for some years to avoid cgt? ( i did on and off nursing him )
2 - What cgt would be due? Can i offest the annual costs of the upkeep and running of the flat or the mortgage interest ( on another property ) remortgaged to pay for it?
What detail does hmrc need in a calculation?
How does hmrc pick up that there may be cgt?
Thanks so much
jules