B
BSF
New Member
Good afternoon
Please excuse me if I have posted in the wrong section?
I/we have a dilemma regarding a property.
My father brought a cottage many years ago so his mum could live there for as long as required,
She has sadly now gone in to care, and he has willed it to me, his intentions were to gift it to myself so I could live there.
We have now found out that being his second property it is liable for capital gains tax, and we can't see a way out of this, Or how to overcome the problem?
The life long dream of owning the cottage has now turned a bit sour, as everything we look into is not in our favour!
Sad as it is I can see the only way to resolve it is to sell it, pay the dutys owed and buy something with what's left over?
But that's not what we had hoped for.
I have looked into seeing if there is a way we could have it on long term rent, just so we can hang on to it?
Has anyone been in this situation?
It seems what was once a good thing, has now turned into a bit of of a nightmare.
Many thanks
Ian
Please excuse me if I have posted in the wrong section?
I/we have a dilemma regarding a property.
My father brought a cottage many years ago so his mum could live there for as long as required,
She has sadly now gone in to care, and he has willed it to me, his intentions were to gift it to myself so I could live there.
We have now found out that being his second property it is liable for capital gains tax, and we can't see a way out of this, Or how to overcome the problem?
The life long dream of owning the cottage has now turned a bit sour, as everything we look into is not in our favour!
Sad as it is I can see the only way to resolve it is to sell it, pay the dutys owed and buy something with what's left over?
But that's not what we had hoped for.
I have looked into seeing if there is a way we could have it on long term rent, just so we can hang on to it?
Has anyone been in this situation?
It seems what was once a good thing, has now turned into a bit of of a nightmare.
Many thanks
Ian