I'm about to purchase a property owned by my parents.
The property was purchased in 1981 and has always been a holiday house for them, so it has never derived an income.
This house in not their PPOR.
will the sale of this property to me be liable for Capital Gains Tax
Also can I rent the house out before it has been transferred into my name.
Will this impact the CGT?
I can't find info on this?
Any help would be appreciated
Thanks
The property was purchased in 1981 and has always been a holiday house for them, so it has never derived an income.
This house in not their PPOR.
will the sale of this property to me be liable for Capital Gains Tax
Also can I rent the house out before it has been transferred into my name.
Will this impact the CGT?
I can't find info on this?
Any help would be appreciated
Thanks