My wife own a flat she lets out at market value but if she sold it, a large CGT liability would arise.
If she died but still owned the flat, under our mirrror wills, her estate would pass to me. Would I inherit the flat at its value as at the date of the death of my wife for future CGT purpsoes or does the CGT liability continue based on the same calculations as before death? I assume there is no CGT liability at time of my wife's death, only IHT from my wife's perpective.
What if my wife changed her will to leave the flat to our childrfen? Do they inherit at MV at time of death for future CGT calculations if they decide to keep it as an invesmtment property?
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