Hi there
Just wondering if anyone can give me some advice on the following.
My wife inherited her late fathers property about 5 years ago, the probate value on the property at the time was £220,000.
We are considering selling the property in about 6 months, the current market value is approx 330,000,
I thought it would be a good idea to transfer half of the property into my name so that we can both benefit from the 12,300 CGT tax free band when we sell it.
Just had the following question.
When completing AP1 Change to register form for the land registry do we use the current market value (£330,000) or the value when my wife "acquired" the property (£220,000). Something I read on a tax web site seemed to indicate that the probate value should be used, then we would both pay half the capital gain in six months when we sell it.
Many thanks for any help that anyone can give
Best Regards
Mike
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