Hi all.
I've got quite a complicated CGT/inheritance/trust-based query that I'm struggling to get my head around.
My Mum died in 2010 and her will stipulated that her 1/2 of her home would be held in trust and inherited by the beneficiaries (myself and my sisters) either at the discretion of the Trustees (me, my older sister, my Dad and my Auntie) or when Dad dies. The other half of the house is owned by my Dad. He continued to live in the home until 2016 and since then it has been rented out.
The tenants will be looking to move out in a year or so, and Dad has said he wants to sell the house and we all agree that that point it makes sense to distribute my Mum's half of the house to us kids at that point.
So my question is, what would be CGT liability be? I believe for my Dad, he would only be liable for CGT based on the asset gain since 2016 when it ceased to be his main residence, but how does it work for the other half share of the house? Do we pay CGT based on the value increase since my Mum died in 2010? And how would we find that value out? I suspect at some point a value must have been declared when the property ownership was sorted. I have a copy of the houses register and that states that value as £220,000, but I'm not sure where that value came from, was it the value at the point the register was requested or was it the value when the register was last amended?
Inheritance tax is moot because the values involved do not exceed the nil rate band for IHT.
Thanks in advance for any help anyone can give.
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