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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11560
Experience:  30 years as a practising solicitor.
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A property was left in a will to the grandchildren, on the

Resolved Question:

A property was left in a will to the grandchildren, on the proviso that the deceased's 2nd husband could live there, the property could only be sold once he moved out. He stayed 16 years, so the value of the property has risen, but it's still under the inheritance tax threshold.
Do they have to pay capital gains on the property, and if so is it the executors or the beneficiaries who are liable fro that tax?
Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
There's no capital gains tax issue as the beneficiary is treated as entitled from the date the life tenancy was extinguished.
In other words there is no CGT charge on property that was subject to a life interest.
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