We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Inheritied half a house
Options

TheGardener
Posts: 3,303 Forumite


I inherited a 50% share in a property about 18months ago - the other 50% share holder is also a beneficiary and now wishes to buy my 50%. Do we have to do any legal conveyancing etc or does my relative just pay me and we amend the Land Registry?
We both have joint executorship and letters of administration
The total value of the estate including the property was below the threshold for tax
All probate and estate administration is concluded for everything else - this will be the final settlement.
Neither of us is in receipt of any state benefits
We both have joint executorship and letters of administration
The total value of the estate including the property was below the threshold for tax
All probate and estate administration is concluded for everything else - this will be the final settlement.
Neither of us is in receipt of any state benefits
0
Comments
-
TheGardener wrote: »I inherited a 50% share in a property about 18months ago - the other 50% share holder is also a beneficiary and now wishes to buy my 50%. Do we have to do any legal conveyancing etc or does my relative just pay me and we amend the Land Registry?
We both have joint executorship and letters of administration
The total value of the estate including the property was below the threshold for tax
All probate and estate administration is concluded for everything else - this will be the final settlement.
Neither of us is in receipt of any state benefits0 -
An estate agent gave us market value price of the house at the time we submitted the PA1 - even if the house price had shot up (which it hasn't) by over £50K it wouldn't have taken us into CGT territory.
The PA1 values were not challenged in any way and the letters were issued.
What is the threshold for CGT?0 -
£11,300 on your share if not eligible for PRR.0
-
I used the CGT calculator on .gov and it says I don't owe any CGT ? I've double checked all the answers I gave and it says no CGT payable?
Whats PRR?0 -
TheGardener wrote: »An estate agent gave us market value price of the house at the time we submitted the PA1 - even if the house price had shot up (which it hasn't) by over £50K it wouldn't have taken us into CGT territory.
The PA1 values were not challenged in any way and the letters were issued.
What is the threshold for CGT?0 -
TheGardener wrote: »I used the CGT calculator on .gov and it says I don't owe any CGT ? I've double checked all the answers I gave and it says no CGT payable?
Whats PRR?
You need to do more cgt research if you don't know about private residence relief.0 -
We were happy with the value given and although we are happy to have to valued again if necessary (I am confident the value is right) - it doesn't change the fact that I don't appear - according to the .gov calculator - to owe any CGT - nor was I expecting to.
I've checked and double checked the calculator but is says £0 . The value of the estate meant we only completed IHT205 - IHT 207 was not necessary and the estate value was not close enough to the lower limit to warrant any double checks.0 -
getmore4less wrote: »You need to do more cgt research if you don't know about private residence relief.
I am aware of residence relief - I just didn't recognise the acronym - This property was never my home so no.0 -
TheGardener wrote: »We were happy with the value given and although we are happy to have to valued again if necessary (I am confident the value is right) - it doesn't change the fact that I don't appear - according to the .gov calculator - to owe any CGT - nor was I expecting to.
I've checked and double checked the calculator but is says £0 . The value of the estate meant we only completed IHT205 - IHT 207 was not necessary and the estate value was not close enough to the lower limit to warrant any double checks.0 -
Yorkshireman99 wrote: »Please can you tell me the URL of the calculator you used? TIA
I've tried it a number of times and I'm sure I've put in the right figures (my 50%)
I spoke to HMRC when we were doing the probate and was told that the value of the estate was below the threshold for CGT - selling my 50% is not an additional gain is it?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards