Thanks for your answer. I know all the facts that you have outlined from my own research. However, we require a specific answer to this specific situation, which is abit more complex. i.e. the house was in 3 joint names and my husband only had 1/3 in the house between his brother and mother, see above. It is not his PPR. If the house was valued at £390,000 at the time his mother died, and it is now valued at £500,000 what would be the CGT of disposal.
I think your answer of '37K each' is is wrong, considering that one owner has died and that the property is 100% in my husband's name. Please read my original email.
I think you are missing something here. My husband owned 1/3 of property since 1969, not since 2013.
We are not asking about IHT, and are aware of IHT, but my original question is only about CGT on him gifting the house. He has owned 1/3 of the house since 1969, surely this needs to be taken into account when calculating gain subject to CGT?? You only referred to 2013 property value in your reply.
I am not sure what you mean by 'change'. Can you explain fully?
Yes, true for 2/3 of the property, 2013 is a baseline. But his 1/3 of the house share was not affected by what happened in 2013, as he acquired it in 1969, so should not the gain on this 1/3 be dated back to the date he acquired it at (1969)?
What is the regime?
I gather that, can you explain why 2013 would coulnt as the disposal date.
What is the difference?
If my son has been living in the property since 2013 paying a rent, how will this affect the £110K liable to CGT?
Please read what I said in my original answer viz: 'if the property was let out and at some time he lived in the property then he could be entitled to Lettings Relief (LR) up to 40K also'
Yes, we noted that, what do you need to know to advise us how much the property relief would be in this case.
What information do you need from us to answer this question? We are not impressed with you drip feeding information like this.
Thanks for your assistance. Please proceed.
Many thanks for this clear explanation. Please could we have a similar CGT gain calculation explanation assuming that the 1982 value of the property was 60000?
Thanks, ***** ***** not be:
'For 31 of those 33 years only one third was your husbands, and for the later 2 years 100% ownership so...'
'For 33 of those 35 years only one third was your husbands, and for the later 2 years 100% ownership so...'
Thanks for this, it is very useful. Are you able to advise what type of valuation is required to establish the current value and the 1982 value of the property, so that it would be acceptable to HMRC. We would prefer to do it without incurring surveyer's fee if possible, and to value the property as low as possible! (the figures given for calculations were broad estimates)