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 TonyTax Your Own Question
TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15916
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

In 1991 when our son was aged 10 he inherited half of a property

Resolved Question:

In 1991 when our son was aged 10 he inherited half of a property unfortunately it was not held in trust for him as first thought anyway two years later we purchased the other have we have had it as rental property we sold it last year and now have to pay capital gains tax
The bungalow was valued at £49.000 when our son inherited his half and valued £39.000 when we purchased the other half it sold for £135.000 what percentage of the value does our son get for half the property
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. Who owned the second half, you or your son?
Customer: replied 1 year ago.
when my son inherited his half the lady who owned the other half was still alive .We bought the other half in1993 when she passed away and by the way because he was so young his name was never on the title deeds.the only thing we have is a copy of the will with his name on it
Expert:  TonyTax replied 1 year ago.
Thanks. Your son's share will have a base cost of £24,500 which is 50% of £49,000, the value of the property when a 50% share was gifted to him. The base cost of your share will be £19,500 which is 50% of £39,000. The proceeds should be split as to 50% to your son and the other 50% should be split between the other part-owners. I hope this helps but let me have know if you have any further questions.
TonyTax and other Tax Specialists are ready to help you

Related Tax Questions