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Accountant@Work
[email protected], Accountant
Category: Tax
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If I sell an asset which I inherited from my wife and on

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If I sell an asset which I inherited from my wife and on which no IHT was paid because of spouse exemption, is the base cost my wife's base cost or the market value at the date of her death?
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Hi, welcome to JustAnswer. I'm [email protected], a UK-Qualified Chartered Certified Accountant with over 15 years of experience. I'll be answering your question today.

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The base cost will be the wife's cost of purchase. When spousal transfer occur, the CGT is called hold over relief. It means CGT is delayed to the time when the property is sold.

The receiving partner will pay the CGT using the base cost at the time of the original purchase of the property

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I hope I've answered your question? If, however, any part of my response is unclear, please do let me know and I'll try to explain it further.

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Thank you for the positive feedback.

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