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  • Capital Gains Tax

    Could you please advise how to calculate the Capital Gains Tax on the following: My Father and I bought our council house under the ‘Right to Buy Scheme’ 08/05/1990 for £11,000, each with a 50% (£5,500) share. I lived in this property, from birth, until the 08/08/1992 when I got married. My Father continued to live there up until June 2019 when, after a fall, he needed to go into a Care Home, which as a house owner, he self-funded. He was in the Care Home until he passed away in May 2020. During this time, I needed to release my 50% of the value of the house on a buy to let Mortgage, which was £55,000, to make improvements to the house, to rent it out and to pay towards his Care Home Fees. I started renting out the house in March 2020. I now need to sell the house and have given the Tenant until March 2025 to move out, this has been done as an informal notice now, to allow them plenty of time to find another property. Official notice will be provided in the correct timescales. I am a Self-Employed Foster Carer and pay income tax at the basic rate, for both Foster Care and Rental of the house. The estimated value of the house today is £135,000 - £140,000. Please advise what would be my Capital Gains liability on the sale?