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Where Taxpayers and Advisers Meet

CGT Calculation - Disposal residential property

170872
Posts:75
Joined:Wed Aug 06, 2008 3:41 pm
CGT Calculation - Disposal residential property

Postby 170872 » Fri Oct 22, 2021 5:16 pm

Hi All, I have a question and hope someone can answer

Scenario - A,B,C D owed a property bought on 10.3.2008 for £700K - all connected family members (A & B are husband and wife). The B (the wife) passed away on 6.1.2015.

On 8.3.2021 the property was transferred to D (Son) for £900K

My question is - (1) CGT payable by only A & C?
(2) How about the gain related to B will A take her share means 50% on him and rest 25% each
(3) Will D the new ower pay CGT as well? or only A & C
(4) will they get the PPR relief if part way during the year they stayed in the property and the let out

Thanks

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: CGT Calculation - Disposal residential property

Postby pawncob » Sat Oct 23, 2021 11:02 am

Assuming B left her share to husband, then only A and C are liable. (assumed no one's PPR)
A takes B's share at same base cost.
D's liability only arises on his disposal.
(4) Who are "they"? It's unlikely that a casual occupation qualifies for PPR. Depends on whether other PPR exists/elections made.
With a pinch of salt take what I say, but don't exceed your RDA


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