Tax on sale of grandparents house

flakey321

theoretica said:

Did your father die before 2006?  If you inherited your 6.25% from him the starting value for CGT will have been reset then.

hi thanks for your reply, yes he died in 1999, my grandfather died in 1993. So are we saying the starting value of the property is from 1999 or 2006?

theoretica

Starting value will be when your name was added - so it sounds like 2006.

flakey321

sheslookinhot said:

Have care home fees been considered ? Would these come out your Grandma’s 50% or indeed the whole value ?

from what i understand it would only be from my Grandmas share that would be considered as her estate when they're assessing care home fees (the cost of which blew my mind!)

theoretica

flakey321 said:

sheslookinhot said:

Have care home fees been considered ? Would these come out your Grandma’s 50% or indeed the whole value ?

from what i understand it would only be from my Grandmas share that would be considered as her estate when they're assessing care home fees (the cost of which blew my mind!)

Why was half the house given to family in 2006?  Often the honest answer is to try and shield it from being taken into account for care home fees - and that brings up deprivation of assets - where the person who gave things away can be assessed as still owning them.  But obviously such assessments don't come into play if the person needing care and their family is paying the care home fees - whether from the house or other source of funds.

Flugelhorn

theoretica said:

flakey321 said:

sheslookinhot said:

Have care home fees been considered ? Would these come out your Grandma’s 50% or indeed the whole value ?

from what i understand it would only be from my Grandmas share that would be considered as her estate when they're assessing care home fees (the cost of which blew my mind!)

Why was half the house given to family in 2006?  Often the honest answer is to try and shield it from being taken into account for care home fees - and that brings up deprivation of assets - where the person who gave things away can be assessed as still owning them.  But obviously such assessments don't come into play if the person needing care and their family is paying the care home fees - whether from the house or other source of funds.

presume the half was from grandfather's estate rather than being given away by grandmother directly

theoretica

Flugelhorn said:

theoretica said:

flakey321 said:

sheslookinhot said:

Have care home fees been considered ? Would these come out your Grandma’s 50% or indeed the whole value ?

from what i understand it would only be from my Grandmas share that would be considered as her estate when they're assessing care home fees (the cost of which blew my mind!)

Why was half the house given to family in 2006?  Often the honest answer is to try and shield it from being taken into account for care home fees - and that brings up deprivation of assets - where the person who gave things away can be assessed as still owning them.  But obviously such assessments don't come into play if the person needing care and their family is paying the care home fees - whether from the house or other source of funds.

presume the half was from grandfather's estate rather than being given away by grandmother directly

Grandfather died in 1993 - house ownership changed in 2006 so I presumed differently.  If it was from the estate, but the paperwork done very late, that would presumably change the CGT starting value.

Flugelhorn

@theoretica good point - either unrelated or  very late probate

Jeremy535897

The most logical situation would be that OP's grandfather left his 50% of the house to his four children (12.5% each) in 1993, and OP's father left his 12.5% share to his two children in 1998. The 2006 date may be relevant to some other branch of the family. Before any conclusions can be reached, the facts need to be established.

flakey321

Thank you for everybody taking timeout to reply  If I manage to find out further details soon i'll update