Hello, I'm hoping someone on here can clear this up for me please?
My father passed away without leaving a Will so this is a matter of probate. His overall worth was estimated but my mother recently sold the house and it went for more so property is now liable to CGT.
As of last summer I have been a stay at home mum so not paying tax (although I apparently didn't pay enough before so I'm actually paying that off in monthly instalments - not sure if necessary info).
The solicitor needs me to confirm two things.
- whether or not I have full CGT allowance available to me for the current tax year - I'm not sure if my unemployment affects this or actually if I do have full allowance available to me because I can't imagine I've ever used it. Can someone advise?
- whether I wish for my share of the property to be appropriated to me - I have no idea what this means! I would like to know what it means before I confirm.
If it's any use regarding the latter, from the estimate of my dads worth, X amount goes to my mum and the rest is then divided as follows - 1st half of Y amount to my mum also and 2nd half of Y amount is to be split between my siblings and I.
Thank you greatly for any advice you can offer. This will save me from an unhelpful conversation with my solicitor!