CGT or IHT on jointly owned property

letsgetdowntobusiness

My parents were in the process of divorcing when my father died, so my mother insisted that I inherit his 50% share of the property as she believed that is what he would have wanted.  Thanks all for your help!

letsgetdowntobusiness

Keep_pedalling said:

Do you know what the value of the house was when you inherited it 20 years ago? Your share will certainly be subject to CGT if the property is sold, and his bequest to you would limit the amount of transferable NRB that can be passed to your mother’s estate but without that information we can’t say what the implications for IHT are 

Hi, it was valued at £180k at the time of my fathers death.

Jeremy535897

Your half of the house is not subject to inheritance tax. For capital gains tax, you will pay the tax on the difference between sale proceeds (less costs of sale) attributable to your share, less the value of the 50% share at the date you inherited it from your father.