Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hello, I am Keith, one of the experts on Just Answer. and pleased to be able to help you with your question.
I must say that I can see no point in a NRB at all. If one spouse dies the remaining spouse automatically inherits the unused 325K of their partner. If this house was their sole or main domestic residence then Private Residence Relief applies which relieives Capital Gains Tax (CGT) at 100%. not many people raealise that when they sell their home they are liable to CGT on the gain as PRR relieves it and is given automatically.
I do hope that I have been able to set your mind st rest on this matter.
You are correct that CGT for trusts is half the normal Annual Exempt Amount (AEA). However I am of the opinion that PRR will apply.
Thank you for your support.