Talk

Advanced search

Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

Capital Gains Tax

(2 Posts)
Readabook1 Sun 17-Apr-16 12:26:45

my aunt and cousin jointly bought a one bedroom flat which my aunt lived in
until her death 8 years later. My cousin lived elsewhere (rented) as she needed 2 bedrooms.
The flat has been vacant 7 years but could not be sold due to its back condition Now after extensive repairs eg new roof she can finally sell.
Is there CGT to pay and how much?

l

ArundelTomb Thu 21-Apr-16 13:11:02

Who inherited the flat on your aunt's death? Was it your cousin? Did she inherit your aunt's 50% share, so that she now owns 100% of the flat? It was presumably valued for probate purposes?

Assuming they owned the property 50/50.

Your Aunt.
It was her main home from purchase until her death, and 100% CGT relief is available for a principal residence. So her 50% share would have passed to her beneficiary(ies).

Your Cousin
It has never been her main home so there is a potential CGT hit. Impossible to work out without knowing precise dates, costs of aquision, costs of improvements, cost of disposal.

You need an accountant.

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now