Help with Capital Gains Tax

elbee1

my boyfriends mum gifted him and his brother her house before she passed away, there was only a period of a few months between this happening and her passing. The value of her estate is below the Inheritance Tax level, however my understanding is they will have to pay capital gains on it.
I think looking at the HMRC website that they will only have to pay on the difference between the value when the house was gifted and the current value...am i correct?

Laura

fengirl_2

They will only pay CGT when they come to sell the property and assuming they have not occupied the house since it was given to them. The base cost will be the value at the time of the gift and the gain will be calculated on the sae proceeds less value, less costs of disposal.

CLAPTON

worth adding that they each have a CGT allowance of 10,100 so given the few months we're talking about it's unlikely they will pay any CGT

elbee1

excellent thanks guys