Ask a Law Question, Get an Answer ASAP!
Hello,If your wife is living in the inherited property as her main home or she nominates it to be her main home, no capital gains tax is payable on any sale as her sister is clearly using it as her main home.
You do not say whether you live with your wife but married couples can only have one main home between them.
Any capital gains tax payable will only be on the date of any gain in the value of the property between the date of inheritance and sale.
Hope this helps
Thanks for the quick response.
Both my wife and I have lived at the property for the past 7 years. we do have an investment flat but we have never lived there and it has been let forthe entire time we have owned it.
That said, I have been in Australis for 3 years and my wife has lived between this house in the UK and a property that we rent in Australia.
The property has increase in value as we have recently got planning for a big extension.
Based on the above am I right to say that neither my sister-in-law or my wife are liable for any capital gains.