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Where Taxpayers and Advisers Meet

Capital gains as tenants in common

kay41
Posts:1
Joined:Sun Sep 12, 2021 10:22 am
Capital gains as tenants in common

Postby kay41 » Sun Sep 12, 2021 10:37 am

Hi
My nans house has recently been granted probate and would appreciate some advice. It went to probate as she was tenants in common with my grandad who died some years before her.

I understand that we have a £35k capital gain on the property. My understanding is that I can use the same personal allowance of the deceased so £12300. My question is do we have two allowances ie £24,600 given they were tenants in common? This is based on the theory that only 50% of the property was nans.

The other option is appropriation but that seems very complicated

someone
Posts:692
Joined:Mon Feb 13, 2017 10:09 am

Re: Capital gains as tenants in common

Postby someone » Mon Sep 13, 2021 12:14 pm

It was definitely tenants in common? Not joint tenants?

In which case you need to find out who inherited your granddad's share and sort that out. (I'm surprised you were even able to sell the property until this was sorted - unless it was your Nan who inherited and the transfer paperwork hadn't been done)


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