Can we claim any allowance to offset capital gains tax on an inherited house?

My bother and I have never lived in the property we inherited, so we’re hoping we can claim a letting allowance

Q My brother and I inherited a house on the death of our mother 15 years ago. Since then the property has been rented out. We are now considering selling. Apart from our personal capital gain allowance is there any other allowance we can claim? I’ve been told that as the property was totally rented we can claim a letting allowance of £40,000 each. Is this true? AC

A No. The fact that the property was “totally rented” actually means that the opposite is true and you can’t claim what HM Revenue & Customs refers to as “lettings relief”.

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from Health & wellbeing | The Guardian http://ift.tt/1JsnDbt
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