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Where Taxpayers and Advisers Meet

Inherited Property To Gift or Not

dinsdale66
Posts:2
Joined:Sun Jun 05, 2022 2:22 pm
Inherited Property To Gift or Not

Postby dinsdale66 » Sun Jun 05, 2022 2:39 pm

Hello. I inherited a property 9 years ago from my father, I couldn't access this as my aunt lived in it until her death in 2020, I have lived in the house and done it up over the last two years and am now looking to sell it. My problem is I never registered the property nor put it into my name as yet. If I did this and sold the property would I be liable to cgt as I have just sold another property with my husband which he lived in and we owned 50 /50. . The profit we jointly made from the house he lived in would be in total.£71k so my share £35.5k. The inherited house I currently live in I put down as £275k for IHT probate purposes and this could sell for around £300k. What would be the best option for me to take as I considered putting the house I inherited straight into my daughters name on the deeds and selling., but would that make her liable to profit on the whole £300k.( She doesn't currently own a property)

Any help or advice would be greatly appreciated thank you 😊

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: Inherited Property To Gift or Not

Postby AGoodman » Mon Jun 06, 2022 11:40 am

There's a whole lot of assumptions and facts to untangle there.

First, did your aunt have any right to live in the property?
Who is/are the executor(s)?
Have you been separated from your husband since at least 2020?
Did you make any major improvements to the property or was it all repairs/reinstatement? if the former, how much did you spend on them?


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