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Where Taxpayers and Advisers Meet

CGT liability after death of spouse.

Posts: 1
Joined: Fri May 31, 2019 1:39 pm

CGT liability after death of spouse.

Postby Fordsabroad » Fri May 31, 2019 1:46 pm

I am currently in the process of selling a BTL property which I bought jointly with my wife in 2005 for £113000. Regrettably she died at the beginning of 2016 and ownership of all her estate was left to me in her will. How do I calculate the CGT due, do I calculate it as a sole gain on the whole period or do I pay 50% of the gain up until her death and the full gain on the value from 2016 until the sale.

Posts: 3106
Joined: Sat Feb 01, 2014 3:26 pm

Re: CGT liability after death of spouse.

Postby bd6759 » Sat Jun 01, 2019 9:34 am

Your acquisition costs are:

1. Half of what was paid in 2006, plus
2. half of the value in 2016 when you inherited the other half.

Posts: 14
Joined: Sun Dec 21, 2014 12:07 pm

Re: CGT liability after death of spouse.

Postby birdsong » Sun Jun 02, 2019 4:12 pm

There is a possible IHT liability against the deceased's estate , but the property passes at current market value on the death, so no CGT due

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