Hi please can someone shed some light on the following scenario, a bit of a head scratcher for me;
Mr X & Mrs X jointly own a 2nd property worth £100k. Bought originally for £50k. Allowable expenses in that time total £10k.
Mr X dies and property passes to Mrs X, market value still £100k.
Does all the gain die on death of Mr X?
So if Mrs X then subsequently sold for £120k a few years later it would just be the gain minus inherited market value (20k) that is applicable for CGT before CGT exemption?
Or does only Mr X’s proportion (50%) of the gain disappear before subsequent sale?
Thanks.
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