How do you calculate capital gains tax from April 2008?
This could be date critical. If prior to 05/04/88 you purchased the property for a dependant relative then it may be exempt from CGT. This will depend on the state of your father’s health at that time, as well as your mother’s. However it is unlikely that you will meet the criteria. If it isn’t exempt, then the gain will be: Assuming a half share, but it could be 1/3rd. Sale proceeds (net of all costs) 200,000 (half share) Cost 1988 (half share) 20,000 Gain £180,000 Time apportioned in months: 36/238 is exempt as PPR £27,220 Chargeable, subject to allowance £152,800 at 18%. Tax due £27,500.
