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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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My son has inherited a third share of s deceased fathers

Customer Question

My son has inherited a third share of his deceased fathers property. Probate has been completed and IHT paid. The property is now sold and there is a profit from probate valuation to sale price.
He has never owned a property, (but for this inherited third share), he did not live in the property as he rents and works out of area.
As he has never owned a property will he have to pay CGT on the profit made or will it be classed as his primary property for CGT purposes?
Many thanks
Hilary
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.

Thank you for your question.

Your son's share of the gain would be chargeable to CGT as the property has not been his main residence or primary property at any point over the period of ownership, I'm afraid.

More information on who qualifies for relief for CGT purposes can be found here

https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief#who-qualifies-for-relief

I hope this is helpful and answers your question.

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