At what point is Capital Gain Tax due?

xylophone

See https://www.gov.uk/inherits-someone-dies-without-will

[Deleted User]

Hi there

Yes I stated in the last post that we are "tenants in common". My father also died without a will so therefore as I had suggested initially his third would become my mums based on the links you provided and the laws of intestacy. So as I assume I only now own a third it reduces the value even more. However as stated by previous users, the overall amount isn't enough to break the 11k threshold anyway, so at least this information has made me understand the process a lot more.

Heedtheadvice

[Deleted User] wrote:

Hi again

Thank you all for your responses. I have just done some research and by looking at the way the deeds are worded confirms that we are classed as "tenants in common", although I'm ....... so I assume we all own a third by default....and therefore now me and my mother own 50% each.

Irrespective of any CGT implications.....

No do not assume! You need to know what the shares of the Tenants were in the original deed (is there not a ' trust ' deed too?) -they are not necessarily thirds.
Then you need to know what has happened regarding your deceased father's portion (you seem to have learned about intestacy).
In my limited experience of something similar the remaining 'common Tenants' held the property in trust for the beneficial Tennents in Common and had then to Assent to the new tenants and their share. Until that time the 'trustee' tenants had responsibilities but not the benefit of the deceased tenants share. That arrangement seems peculiar and overly complicatecated and there may well be other arrangements.

However I would suggest you and your mother locate (get legal help if required) supporting evidence for the TIC arrangements so as to clarify and give you documentary evidence in case HMRC enquire and to ensure you both have the correct proportions and the right to sell all portions! If your 'prospective' sale is currently being processed, as you call it, by your solicitor he/she should have all that in hand.....but I would check if I were you!!

[Deleted User]

I checked via the .gov website with regards to intestate and after completing the details it said my fathers share would be passed on to my mother. Like you say though the solicitor would pick up on anything as they have all of the details. My main concern was the CGT though, however from all of the above I have learnt a lot regarding the legalities of such situations.

I will double check with the solicitors though as you say, but the whole process is still in its infancy at the moment.