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CGT random questions
Augusta_Carp
Posts: 20
Forumite
in Cutting tax
Sorry if these questions appear stupid but, here goes:
If a person inherited shares from their spouse over forty years ago, is there any CGT to pay if they sell them or for the estate to pay when they die? The person cannot remember if the shares were in joint names originally or if they were moved into their name on the death of the spouse.
Also, if you were gifted shares over 30 years ago, are these subject to CGT?
Thank you.
If a person inherited shares from their spouse over forty years ago, is there any CGT to pay if they sell them or for the estate to pay when they die? The person cannot remember if the shares were in joint names originally or if they were moved into their name on the death of the spouse.
Also, if you were gifted shares over 30 years ago, are these subject to CGT?
If a person inherits a house which has been their main residence all their life - is there CGT to pay if they sold or if they die?
Thank you.
0
Comments
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If you sell shares inherited from a spouse, you pay tax on the gain based on the sale proceeds less the original cost to the spouse (or value at 31 march 1982 if acquired earlier). If a person dies owning assets, those assets are deemed to be disposed of at market value on the date of death, but there is no tax to pay.
Shares received as a gift over thirty years ago will be treated as acquired for their market value at the date of gift (unless the acquisition was before 1989 and the gain on the gift was held over).
If a person sells a main residence that they inherited, and lived in throughout their ownership, there is no taxable gain whether they sell it or die still owning it.1 -
That is the position on shares gifted to a spouse, but I thought CGT on inherited shares was based on the value at the date of death even if a spouse was the person inheriting.Jeremy535897 said:If you sell shares inherited from a spouse, you pay tax on the gain based on the sale proceeds less the original cost to the spouse (or value at 31 march 1982 if acquired earlier). If a person dies owning assets, those assets are deemed to be disposed of at market value on the date of death, but there is no tax to pay.
Shares received as a gift over thirty years ago will be treated as acquired for their market value at the date of gift (unless the acquisition was before 1989 and the gain on the gift was held over).
If a person sells a main residence that they inherited, and lived in throughout their ownership, there is no taxable gain whether they sell it or die still owning it.1 -
Yes, you are right. Silly mistake.Keep_pedalling said:
That is the position on shares gifted to a spouse, but I thought CGT on inherited shares was based on the value at the date of death even if a spouse was the person inheriting.Jeremy535897 said:If you sell shares inherited from a spouse, you pay tax on the gain based on the sale proceeds less the original cost to the spouse (or value at 31 march 1982 if acquired earlier). If a person dies owning assets, those assets are deemed to be disposed of at market value on the date of death, but there is no tax to pay.
Shares received as a gift over thirty years ago will be treated as acquired for their market value at the date of gift (unless the acquisition was before 1989 and the gain on the gift was held over).
If a person sells a main residence that they inherited, and lived in throughout their ownership, there is no taxable gain whether they sell it or die still owning it.2
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