How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Harris Your Own Question
Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2851
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
90234221
Type Your Law Question Here...
Harris is online now

My wife will in the future inherit half a property from her

Resolved Question:

My wife will in the future inherit half a property from her parents (the other half going to her sister)1. If my wife and sister sell this inherited house will they have to pay CGT and if so what sort of percentage would it be (my wife does not work)Regards
Submitted: 1 year ago.
Category: Law
Expert:  Harris replied 1 year ago.

Thanks for your question. Firstly, inheritance tax on the property and the estate will need to be calculated. If the property is sold immediately upon inheritance CGT will not be applicable, however, if it is later sold and it is not her main residence then there may be CGT to pay depending on the circumstances at the time.

Expert:  Harris replied 1 year ago.

Hi, this question remains open. If you found my information provided helpful please could you rate my response positively using the stars at the top of this page as I will not be credited for my response without a positive rating.

Customer: replied 1 year ago.
Is the CGT paid on the value of the property or the profit made from the time the property is inherited and the time is is sold?
Expert:  Harris replied 1 year ago.

It will be on the increase in value from the value at time of the death and the sale value at the later date.

I hope this assists you. If you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for your question without a positive rating. Thank you.

Harris and other Law Specialists are ready to help you