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07 May 2012

How can we avoid Capital Gains Tax on empty family home?

My father wants to sell his house. He bought the house approximately 40 years ago and we lived in it as a family until about 13 years ago, after which my sister stayed in it, until 6 years ago. Since then the house has been empty. He would now like to sell the house but is scared that his pension will be eaten up by capital gains tax. Does anyone know how much he would be eligible for, and how to minimise the impact? I have looked at some guides but none seem to answer these circumstances. He is 70, and on a pension, he is married so he could transfer half to his wife. Is it best if he moves his address back there?

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