{"id":76020,"date":"2012-07-25T12:00:01","date_gmt":"2012-07-25T05:00:01","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-does-my-uncle-have-to-pay-capital-gains-tax\/"},"modified":"2018-01-08T21:03:11","modified_gmt":"2018-01-08T14:03:11","slug":"why-does-my-uncle-have-to-pay-capital-gains-tax","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-does-my-uncle-have-to-pay-capital-gains-tax\/","title":{"rendered":"Why does my uncle have to pay capital gains tax?"},"content":{"rendered":"


\nBefore moving into a home, he had lived in his house for more than 30 yearsQ My uncle moved into a care home on the Isle of Wight late last year because he was unable to look after himself properly (he is now 95). He put his house on the market straight away but was unable to sell it until around March or April. He had lived in the house since about 1976. He is now being told he has to pay capital gains tax (CGT). This seems incredible to me. Can you please enlighten me? MAA You should point whomever is telling your uncle that he is liable for CGT on the gain made on his home of 35 years in the direction of HM Revenue & Customs (HMRC) Help Sheet 283 Private Residence Relief (pdf). This clearly states that where a house has been someone’s only or main residence throughout their ownership of the home, any gain made on it is exempt from CGT. The fact that your uncle wasn’t able to sell until 2012 doesn’t affect the CGT exemption as he has three years between moving out of the home in which to sell and he is clearly well within that time frame. Continue reading…
\n
\nSource : theguardian.com
\nRead more…Why does my uncle have to pay capital gains tax?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Before moving into a home, he had lived in his house for more than 30...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-76020","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-jM8","jetpack-related-posts":[{"id":27731,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/will-i-pay-cgt-if-i-sell-my-buy-to-let-to-help-fund-a-new-home\/","url_meta":{"origin":76020,"position":0},"title":"Will I pay CGT if I sell my buy-to-let to help fund a new home?","date":"September 29, 2016","format":false,"excerpt":"\r I\u2019m hoping I don\u2019t need to pay capital gains tax as I am using the \u2018gain\u2019 to help me move from one main residence to anotherQ I would really appreciate your advice on capital gains tax (CGT). 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