Capital gains advice

[Lovingwfh]

We bought ILs house 8 years ago as fil was terminally ill and they couldn’t afford mortgage. Fil passed away and MIL lived there rent free until sadly she has recently passed away. What are our options here - house is too far away from our jobs etc for us to move into. Due to property price increase, seems we will be liable for high CGT. DH now diagnosed with potentially life threatening illness so we will need to sell house, not rent out.

Any advice on being as efficient as possible here. Thank you

Sorry about you dp, you could do without the added stress.
Well as you probably know you're allowed £24600. jointly before paying either 18 or 28% depending on income and gain.
If the property has increased in value by £50k then you will be paying tax on roughly half. A maximum of £7.5k.
I don't know anyway around it because without living in the property you can't really avoid it.

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Thanks. We didn’t do with an investment in mind but to help ease burden. Very stressful all round!

You might get more replies in the money section. How much has it gone up by do you think in the last 8 years?, you will both have an exemption of £12, 300 to make use of if you haven't used it already but new tax year starts in April anyway.

I think it could be worth paying a few hundred pounds to get expert advice on this - it's not straightforward and you could end up saving a considerable amount with the right information.