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Sold inherited house- am I a ftb?
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[FONT=Verdana, sans-serif]Its very unlikely you would have a CGT liability but reducing the CGT bill is the main reason why probate property is 1st transferred to the beneficiaries before selling to a 3rd party, which is what appears to have happened.[/FONT]
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[FONT=Verdana, sans-serif]CGT can be payable if a property is sold at more than probate value, the estate has one £11,700 annual allowance and pays CGT at 28% but if the property is 1st transferred to two or more beneficiaries they each have an allowance of £11,700 and also may only pay 18%.[/FONT]
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[FONT=Verdana, sans-serif]In your case CGT would only come into play if your aunt paid you more than 25% of the probate value for your 25% share.[/FONT]
Thanks for your reply, though having had a read I can't see that cgt would've applied in any case as it was sold so quickly after my grandmother passed, property value wouldn't have increased in such a short space of time.
I've also found that the as1 can just assent to one beneficiary, so I'm hoping that is what happened, that it only assented to my aunt and then the other 75% was transferred on the tr1 as part of the sale. I've emailed the sol that dealt with it and I'm hoping she'll give me some good news that it never assented to me :T but I'm prepared that I now may have to find the money to pay stamp duty and that I won't get my bonus on my isa
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I've also found that the as1 can just assent to one beneficiary, so I'm hoping that is what happened, that it only assented to my aunt and then the other 75% was transferred on the tr1 as part of the sale.
[FONT=Verdana, sans-serif]But the document you copied in post 15, which I assume is the AS1, show a transfer to the three beneficiaries in the proportion 25/50/25.[/FONT]0 -
[FONT=Verdana, sans-serif]But the document you copied in post 15, which I assume is the AS1, show a transfer to the three beneficiaries in the proportion 25/50/25.[/FONT]
I wasn't sure if perhaps that could just be indicating our prospective shares but only ascent to my aunt in box six on the form?0
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