Capital gains tax liability?

Coachman

My wife and I are retired and living on state pension. Her brother has recently passed away leaving circa £40k in investments and savings, split 75% to my wife and 25% to our daughter, as layed out in his will.
We're just a tad concerned that we may be liable to capital gains tax. We simply don't know.
Any advice would be appreciated.
David.

uknick

When you receive the inheritance there will no Capital Gains Tax (CGT) to pay. Cash never has any CGT liability. Investments do, but only when you sell them and make a gain.

You will be deemed to have paid market value for them at the time of transfer from the estate and the gain will be the difference between that and what you sell them for less any trading fees.

However, you each get a CGT allowance of £11,700 in 2018-19 (I can't find the 2019-20 allowance, but it won't be less). You can minimise any CGT liability by your wife gifting/transferring to you, say, half of the shares (which has no tax implications) before you sell them. Any gain will then be split between you.

AnotherJoe

There is no CGT. Death erases that.
The only reason for CGT would be if you kept the investments and they grew so much that when you sold CGT would be due.
You'll have no CGT to pay on the investments you'll receive.