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Harris, Law Specialist
Category: Law
Satisfied Customers: 2851
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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My wife will in the future inherit half a property from her

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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

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.

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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?

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

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