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Discount when selling half share of property
V2001
Posts: 248 Forumite
in Cutting tax
If 2 people own PPR property together, and one wants to buy the others share out, does the 15% discount apply to the share, or is this 15% discount only available for IHT purposes, when someone has passed away?
Eg value of house 800k. Half share is 400k. If allowed to apply 15% discount on the selling of share to sister that is £340k. I'm just not sure if I should apply the discount or not, if i don't I could be making a PET on the excess figure of sale to her.
We want to sell at the correct market value and have been given valuations but only on the whole value of the house.
Eg value of house 800k. Half share is 400k. If allowed to apply 15% discount on the selling of share to sister that is £340k. I'm just not sure if I should apply the discount or not, if i don't I could be making a PET on the excess figure of sale to her.
We want to sell at the correct market value and have been given valuations but only on the whole value of the house.
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