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Where Taxpayers and Advisers Meet

CGT liability

mill
Posts: 37
Joined: Wed Aug 06, 2008 3:42 pm

CGT liability

Postby mill » Tue Jan 15, 2019 1:03 pm

On the recent demise of my spouse our home, which was registered as joint tenants, automatically passed to my sole ownership. Prior to our moving in (as a downsizing action some 3 years ago) the property had been rented out for many years, and thereby carried a significant GCT liability.

In that inherited properties, when passed on, do so at market value with any CGT waived, will this apply to my late husband’s 50%, with only my 50% still subject to CGT?

AGoodman
Posts: 808
Joined: Fri May 16, 2014 3:47 pm

Re: CGT liability

Postby AGoodman » Thu Jan 17, 2019 5:25 pm

Yes.

Your base cost will be the probate value of your husband's 50% plus 50% of the original cost .


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