CGT question on inherited family home.

SilverSam4_0

Thank you again, the information has made me understand my situation a lot more.

doodling

getmore4less said:

SilverSam4_0 said:

I assume I inherited when my mother passed away- Aug 1992.
Value then (without formal retrospective valuation) - 50K approx
Value now - 515K

From Aug 1992: it was my main residence for 208 months, 96 of those months I worked abroad(during which I lived with him for regular spells). If I do not include time lived abroad it is 112 months. 

Is there any other information you need it?
Thank you

The first thing to check is did you inherit absolutely or was there a life interest(the right to live in the property) for your father.


it changes the tax status significantly 

For clarity, if there was a life interest trust in favour your father set up in the will then the GCT starting value may be that at the date of his death.  Probably worth getting a copy of the will just to check...

SilverSam4_0

Thank you both for bringing this up, it is a very relevant comment/observation. 

I do not have a copy of my mother's will only a copy of the HM Land Registry entry. I remember being asked to go to my fathers solicitor's office when I was much younger to sign some documents (no idea what) and later being told that it had something to do with him living in the house despite him not owning any of it. 
Under section B there is a restriction which states that 'no disposition by a sole proprietor of the land (not being a trust corporation) under which capital money arises is to be registered except under an order of the registrar or of the Court'.
Would this be what you are referring to?