Back in 1993 my father gifted a house and land to my brother and me with the proviso that he would spend his day in it.
He passed away in August last year and we are now in the process of selling the property.
After he passed away in August 2020 my solicitor suggested I add my wife's name to the property deeds which is now
jointly in the names of my brother, my wife and myself.
The property was valued at £ 100,000 back in 1993 and at present we have a bid of £180,000.
Could you tell me how this setup will be assessed for CGT
I know each person receives a personal allowance of £12,300 but is this also the case of my wife
who was only added to the deeds in August 2020.
In other words will the capital gain of £ 80,000 ( If we take the current offer) be divided equally among the 3 of us
for tax purposes and with a total allowance of £36,900 (3 x £12,300 ) allowed.
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