Hi
My in laws own a small number of freeholds, which periodically give rise to lease premiums which are subject to CGT. My father in law has just died and my question is whether his half is revalued at the current market value on death for CGT purposes?
e.g. Lease premium valued at £10K on death, processed for £12K 6 months later. Before the death, CGT would be due on the full £12K, split 50:50 husband and wife.
After death, is (a) or (b) correct?
(a) 50% of premium is revalued at death at £5K, so CGT is due on £6K + £1K, so £7K?
(b) CGT still due on full £12K
Appreciate any help on this matter.
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