I would be most grateful if someone would be kind enough to provide guidance on my following query
1) In 2006 my father transferred a property to myself and my brother at zero cost.
2) In 2008 my father passed away, he had no other assets.
We have retained and let the property for the past 10 yrs, paying income tax on the rental income.
We have now received an offer of £ 500,000 and wish to sell the property. As the sale proceeds will be split 50/50, I would be most grateful to know our likely inheritance/CGT tax position on the disposal.
Having "Googled" the subject, I am uncertain due mainly to the original date of transfer (2006) and his date of death (2008). My understanding is that the IHT
Nil rate is £ 325,000 and whether we would be entitled to incorporate the current residents Nil Paid Band of £ 150,000 (Tax year 2019/20).
Any guidance would be kindly received.
Best wishes
Mark
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