Hello and welcome to the site. Thank you for your question.You were left a painting (picture) in 1976. It is now been sold for a nett price of £30,000.You should replace the probate value with a market valuation at 31 Mar 1982 to work out your gain. As this artwork is worth more than £6,000 the gain would attract CGT.Lets assume the market value at 31 Mar 1982 was 6,000, then your gain becomes (30,000-6,000) £24,000. It is jointly owned, therefore each owner would be entitled to gains allowance of £11,000 each. This would leave the chargeable gain at (24,000-22,000) £2,000. Unless you are a higher rate tax payer, your CGT would be 2,000 x 18% = £360
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