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CGT on inherited prperty
chappers
Posts: 2,988 Forumite
in Cutting tax
Wonder if you tax bods can just check what i have worked out is correct.
My wife and her two brothers inherited a house 10 years ago which was valued at the time of death at £55,000.
Due to one thing and another probate has just been granted (nothing complicated, just Father-in-Law playing silly !!!!!!s).
They are going to sell the property and estate agents reckon it should fetch £100,00. So potentialy a gain of £45,000 split 3 ways. Now I realise that all three of them have a CGT allowance of £9,200 (£27,600 in total and that brother 2s wife and myself each also have an allowance of £9,200 each(£18,400) giving total allowances of £46,000 which would be sufficient to exclude CGT.
The question is do my wife and her brother each need to gift the relevant share of the property to us prior to the sale of the property and does this need to be done with the land registry before the sale completes.
Also is it possible to get the property revalued at the point of probate and appeal to have the original valuation ammended.
Cheer
gareth
My wife and her two brothers inherited a house 10 years ago which was valued at the time of death at £55,000.
Due to one thing and another probate has just been granted (nothing complicated, just Father-in-Law playing silly !!!!!!s).
They are going to sell the property and estate agents reckon it should fetch £100,00. So potentialy a gain of £45,000 split 3 ways. Now I realise that all three of them have a CGT allowance of £9,200 (£27,600 in total and that brother 2s wife and myself each also have an allowance of £9,200 each(£18,400) giving total allowances of £46,000 which would be sufficient to exclude CGT.
The question is do my wife and her brother each need to gift the relevant share of the property to us prior to the sale of the property and does this need to be done with the land registry before the sale completes.
Also is it possible to get the property revalued at the point of probate and appeal to have the original valuation ammended.
Cheer
gareth
0
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