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Intestacy problem
Comments
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Other siblings or children of deceased siblings are for resolving the matter but not forthcoming with financial input.
Sorry please explain what PPR is?0 -
Sorry please explain what PPR is?
Principal Private Residence.
It would appear that the person living in the house was one of the original six beneficiaries and was entitled to 1/6 of the value of the estate which included the house.
The house would have been valued when letters of administration were sought.
The house has (presumably) increased in value over the twenty seven years since then.
CGT will need to be calculated on sale of this property but it is the PPR of the beneficiary who is living in it so will not apply to him.
https://www.gov.uk/tax-sell-home0 -
Can the CGT be offset somewhat by the other 5 claiming their portions of the rent off the one living there?0
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Interesting question Unforeseen!
Indeed the house value has increased many fold since the LOA were obtained and therefore there will be a CGT hit.0
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