CGT on 2nd property jointly owned deceased spouse

[regt]

Hi,

Property was given in a will around 1990 (value £60000)....spouse dies 2012 leaving everything to husband..property.. sold for £250000 recently.
Never nominated as Primary residence.Basic rate tax payer.. Does remaining spouse pay cgt on 50% of total gain up until spouse passes away and then 100% on remaining gain?
Or is it more complicated? Any pointers regarding cgt calculation would be greatly appreciated?

Kind Regards.

RT

[AGoodman]

Three questions first:

Was the property ever their residence?
When you say given in a will, do you mean the will was made in 1990 or they inherited it when somebody died in 1990?
Did they both own the property originally (e.g. did they inherit it jointly in 1990)?

Assuming they jointly inherited in 1990 but never lived in it:

The acquisition value is one half of the price in 1990 (£30,000) plus one half of the value in 2012. You can then add the cost of any additions/improvements (as opposed to repairs).
The gain is £250,000 minus the acquisition value.
Deduct the annual exemption (£12,500)
Tax is 18% of the taxable gain up to the higher rate threshold (i.e. on top of income) and then 28%.

[regt]

Hi,

Property was never their residence.
The property was inherited by wife(1990) who then made husband joint owner some years later. Does it make any difference?
if a property valuation of property for 2012 cannot be found..can you get one retrospectively? Do you have to estimate it?

Thanks for the info.

RT