I should be grateful for some advice on this problem. In 2001 my mother, worried about someday having to go into a home, transferred ownership of her bungalow to my brother and I. She died in July 2006 and as this was within the 7-year period the value of her bungalow was included in her estate for IHT purposes. As the value of her estate was however well below the limit then no IHT was payable. The bungalow was sold towards the end of 2006
I am due to complete my SA return shortly and wonder if I will be liable to CGT on my share of the gain on the sale of Mum's home. If it was hers for IHT purposes can it be also mine (& my brother's) for CGT purposes? Had her estate exceeded the limit IHT would then have been paid on the property so would the charge of CGT on its sale not be a form of double taxation? Alternatively, if it was hers for IHT purposes at the time of her death, should the gain not be calculated on the valuation at that time rather than at the time of the transfer?
Thanks in anticipation.
Vicki
PS I have no problem with the calculation of the tax, itÂ’s just the principal!
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