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Jo B

Jo B

Joined: 7/16/2024

  • CGT on second property which was once my primary property

    Tue, 16 Jul 2024 04:05:13 GMT – CGT on second property which was once my primary property
    Hi! My Dad is looking to sell our family home. We lived in it for 8 years, but for the last 28 years my Dad has rented it out. I know he will need to pay CGT but is he entitled to PRR (Private residence relief?) and is the Capital gains tax purely based on the money he makes on the sale of the property in comparison to what I bought it for (eg. bought it for £100,000, hopefully sell it for £400,000 so £300,000 profit) or has the number of years he has rented it for got anything to do with it the CGT calculation! Thank you!