Client's mother transferred her house to her daughter in 1990. Mother deceased and daughter lived in the house for a few years, then moved out and let it until it was sold in May 2019.
Somewhere(?) I heard the rules have changed since I last did a case like this - I searched the web but cannot see anything about it.
Are Letting Relief and PRR still available, and does she have to complete a tax return within a few months for the Capital gains?
Have I missed anything?
Replies (6)
Please login or register to join the discussion.
Never mind that... is it even right or relevant? The Manuals are not known for being ahead of the rules.
OP, you could do worse than look at https://www.gov.uk/government/consultations/capital-gains-tax-private-re...
it is highly likely that there will be a substantial gain that has to be reported on a tax return as it appears that there are at least 20 years of taxable gain