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Where Taxpayers and Advisers Meet

CGT Non UK resident Spouse base cost

JoBlack
Posts:1
Joined:Mon Jun 06, 2022 7:56 pm
CGT Non UK resident Spouse base cost

Postby JoBlack » Mon Jun 13, 2022 9:48 am

My Aunt selling property bought by her and her husband - their main and only home.
Jointly purchased Oct 1994 £65500. Costs £1168.
Improvements pre2014 £30000.

Couple became non uk resident 2014 and let the property. (Valued £160,000).

Husband died 2016 and his half share went to wife. Probate value £195382/2 = £97691.

April 2015 value £175,554

Wife selling property June 2022. £266,000.

As non-resident it is possible to rebase to April 2015 value and compare to straight line apportionment of April 2015 gain.

For rebasing calculation do I take the 2015 value as though it was all the wife’s from April 2015 ie £175554. To give gain £90446.

For straight line apportionment - base cost £32,750 + £584 + £15000 + £97691. So Gain £119,975. Apportionment of post April 2015 gain 87/332=26.2% Gain £31433.

Or do I need to do two separate calculations - one for wife’s original own half share and another for the half she inherited from husband in 2016 on death?

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