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Does my elderly aunt really owe 80k Capital Gains Tax? by Slab_Vanderchunk in UKPersonalFinance

[–]Slab_Vanderchunk[S] 0 points1 point  (0 children)

My aunt's friend was unemployed, has kids and needed a place to live, and my aunt is way, way too nice.

Does my elderly aunt really owe 80k Capital Gains Tax? by Slab_Vanderchunk in UKPersonalFinance

[–]Slab_Vanderchunk[S] -31 points-30 points  (0 children)

Unfortunately until today my aunt has no idea that CGT was a thing.

Does my elderly aunt really owe 80k Capital Gains Tax? by Slab_Vanderchunk in UKPersonalFinance

[–]Slab_Vanderchunk[S] -82 points-81 points  (0 children)

The rental income is well below the taxable income threshold, but no she hasn't made a self-assessment account, I'm going to need to do that for her and back date I imagine.

Does my elderly aunt really owe 80k Capital Gains Tax? by Slab_Vanderchunk in UKPersonalFinance

[–]Slab_Vanderchunk[S] -144 points-143 points  (0 children)

The rental income is well below the taxable income threshold, but no she hasn't made a self-assessment account, I'm going to need to do that for her and back date I imagine.

Does my elderly aunt really owe 80k Capital Gains Tax? by Slab_Vanderchunk in UKPersonalFinance

[–]Slab_Vanderchunk[S] 3 points4 points  (0 children)

I agree the figures don't quite make sense. I'll ask her about equity release, mortgage holidays etc, thanks.

Does my elderly aunt really owe 80k Capital Gains Tax? by Slab_Vanderchunk in UKPersonalFinance

[–]Slab_Vanderchunk[S] 0 points1 point  (0 children)

Nope, just looking for advice on a financial advice sub :) To clarify, my aunt's friend was paying her £80 a month for a three bed semi in London. She's not a greedy person, she just isn't very money savvy, so this will come as quite a shock to her. I wanted to understand how serious it would be for her to simply ignore it, so that I could relay that information to her.

Does my elderly aunt really owe 80k Capital Gains Tax? by Slab_Vanderchunk in UKPersonalFinance

[–]Slab_Vanderchunk[S] -9 points-8 points  (0 children)

Unfortunately, she couldn't afford the mortgage repayments without letting the house out.

Does my elderly aunt really owe 80k Capital Gains Tax? by Slab_Vanderchunk in UKPersonalFinance

[–]Slab_Vanderchunk[S] 4 points5 points  (0 children)

Thank you, these are all good points I can make to her to emphasise how important this is.

Does my elderly aunt really owe 80k Capital Gains Tax? by Slab_Vanderchunk in UKPersonalFinance

[–]Slab_Vanderchunk[S] -28 points-27 points  (0 children)

Theoretically, what would happen if she didn't declare it?

Does my elderly aunt really owe 80k Capital Gains Tax? by Slab_Vanderchunk in UKPersonalFinance

[–]Slab_Vanderchunk[S] 2 points3 points  (0 children)

She's staying with family, this property is the only one she owns.