Gift of half house Dad (deceased mum) 1994? - how to calculate capital gains

Hi, my father has lived in the same house since 1976. I lived in the same house to 2010. My mother deceased in 1980 and her share of the house passed to dad. In 1994 50% of the house was passed to me. We are looking to sell the house as dad needs a care home. It is his principal residence. I lived in it to 2010. How do i calculate the capital gains tax due on my 50%, is there relief as i lived in it for 34 years and how do I find the value at the time of transfer in 1994 as it is not listed. I need help please

Hi Hamish Down,
Your father will not be liable as it is his main residence.
You will be able to claim private residence relief for 1994-2010.
1994 is the start date as this is when you 'acquired' the property.
You will need to obtain a valuation from 1994 and this can be done via local estate agents.
You will need three to then take an average.
Alterntively you can ask HMRC to do this:
Post transaction valuation checks for Capital Gains (CG34)
For private resdience relief refer to:
Private Residence Relief (Self Assessment helpsheet HS283)
Thank you. 
 

As it was my family home that I grew up on from when born, dad took care of everything. So can you confirm what I need to send with the application for relief i.e. bank statement, phone bill, hmrc letters and work pension letters ? Not sure what else I will have. It is the home I have had all my life until I married and moved out.

Hi,

You dont need to send anything like that with the application, but you may be asked for evidence at a later date. You do need to send a calculation on how you worked out the private resident relief that you are claiming for.

Thank you.