CGT issue
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Stuart160563
Registered Posts: 2 New contributor 🐸
I am helping family members with questions about a bungalow they are selling. The timeline is this:
It was transferred to them by the parents of one of them, and lived in by the parents up until the death of the father in 2000. I am not sure of the exact date of the transfer.
After the transfer but before 2000, the parents paid for a conservatory to be added to the bungalow.
From 2000 onwards until earlier this year, the bungalow was rented out.
They are now selling it.
In general terms for CGT purposes, would the base cost be:
Original value at date of transfer + Any fees associated with the transfer?
Or would the cost of the conservatory be treated as a lifetime gift and added to the cost?
Any thoughts would be welcome
It was transferred to them by the parents of one of them, and lived in by the parents up until the death of the father in 2000. I am not sure of the exact date of the transfer.
After the transfer but before 2000, the parents paid for a conservatory to be added to the bungalow.
From 2000 onwards until earlier this year, the bungalow was rented out.
They are now selling it.
In general terms for CGT purposes, would the base cost be:
Original value at date of transfer + Any fees associated with the transfer?
Or would the cost of the conservatory be treated as a lifetime gift and added to the cost?
Any thoughts would be welcome
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