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I will try and make this question relating to CGT on Inherited property simple.
Key Points:
- Grandfather died in 1990.
- Trust Deed in place from 1984 when my parents purchased property (Right To Buy scheme)
- House value in 1990 was £34,500 with IHT Threshold of £118,000.
- Established recently that my Grandfather had made a will in 1984 leaving property to my brother and myself
- Remaining Executor (solicitor) renounced his capacity last month,
- I have lived in the property as my main residence since 2010, having moved back to my home city
Questions being:
- Is there any CGT to pay on the future sale of the property?
- As my brother is also a beneficiary, yet it is his 2nd home, does he have to pay any additional taxes or does he living there prevent this?
- Do I need to complete IHT for my late Grandfather, 34 years after his death, as no IHT was applicable.
Hopefully, you can provide some assistance.
Regards
Carl
Key Points:
- Grandfather died in 1990.
- Trust Deed in place from 1984 when my parents purchased property (Right To Buy scheme)
- House value in 1990 was £34,500 with IHT Threshold of £118,000.
- Established recently that my Grandfather had made a will in 1984 leaving property to my brother and myself
- Remaining Executor (solicitor) renounced his capacity last month,
- I have lived in the property as my main residence since 2010, having moved back to my home city
Questions being:
- Is there any CGT to pay on the future sale of the property?
- As my brother is also a beneficiary, yet it is his 2nd home, does he have to pay any additional taxes or does he living there prevent this?
- Do I need to complete IHT for my late Grandfather, 34 years after his death, as no IHT was applicable.
Hopefully, you can provide some assistance.
Regards
Carl
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