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Do I have a CGT liability?
jase_31
Posts: 74 Forumite
Dad has just died, leaving the property (no other assets) to sister & myself.
The property has just been sold for 120k.
As I understand it, CGT would be payable on gains between the value at death, and when the asset is disposed, however!!
In 1999 my parents set up a trust, transferring 1/4 of the property to Mom,Dad,Sister,Myself.
My mom died approx 8 years ago, leaving her 1/4 to Dad, Sister, Myself
I understand that my parents purchased the property in 1986 (approx 52k), but have no idea what value was used at the time of transfer.
Even taking into account the CGT between my parents purchased, and the sale price, this is a £68000 increase since 1986. Am I right in thinking that this falls below the CGT thresholds.
The property has just been sold for 120k.
As I understand it, CGT would be payable on gains between the value at death, and when the asset is disposed, however!!
In 1999 my parents set up a trust, transferring 1/4 of the property to Mom,Dad,Sister,Myself.
My mom died approx 8 years ago, leaving her 1/4 to Dad, Sister, Myself
I understand that my parents purchased the property in 1986 (approx 52k), but have no idea what value was used at the time of transfer.
Even taking into account the CGT between my parents purchased, and the sale price, this is a £68000 increase since 1986. Am I right in thinking that this falls below the CGT thresholds.
0
Comments
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a) Has probate been granted??
b) Call HMRC and ask them: What did they say??
Cheers!
Lodger0 -
the current CGT allowance is 10,100 per person0
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Who did probate? They must have had all the figures and hopefully understood the liabilities and can help now.
Yeah but if the property is in a trust then that might not be the relevant allowance. HMRC's pages on trusts and CGT are here. You should call HMRC and see what they say, but it sounds complex enough that you may need professional advice beyond MSE.the current CGT allowance is 10,100 per person0
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