Hello
I would like some guidance as I could not find a similar situation on the forum although I am new so apologies if this has been covered elsewhere.
My father passed away over 7 years ago and my mother died recently. I am currently applying for probate as sole executor of my mothers will. My mothers estate excluding the below property is around £40k in cash and shares. I do not believe there are any inheritance tax implications hence posting in CGT.
In late 1997 my father gifted the main residence to me and my siblings (4 in total) but with a clause that he and my mother could continue live in the house until death (I think my father was the sole owner). The transfer paperwork was sorted out by a local solicitor. No rent was ever paid to me/my siblings and the house is worth around £250k in its current condition.
I need to get official valuations of the house but based on the above am I correct in thinking that I will have a CGT charge of £25k for the house if the value was £150k when the gift was made? (£250k - £150k / 4 siblings).
Many thanks in advance
Felix
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