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Posted Wed, 03 Jan 2024 16:04:36 GMT by
Hi, hope you can help me with CGT question please. I bought a flat jointly with my brother to help him in 2013 for £93k and it was my brothers only sole residence up until he passed away in January 2022. I am now selling the flat for £124.5 k, will I be able to get any CGT relief for the years my brother lived in the flat since purchase in 2013 as his only main residence. It has never been let out and was bought for the sole purpose as main residence for my late brother. Many thanks
Posted Wed, 10 Jan 2024 14:56:11 GMT by HMRC Admin 25 Response
Hi longini10 Long,
To work out the Capital Gains Tax you will require two calculation.
The first is your share of the property.
You would need to obtain the cost of the property at time of acquisition and the disposal value, including acquisition and disposal costs.
All of these should be split based on your proportion of the property.
The calculator here will help you do this:
Tax when you sell property
The second calculation is the market value of the property, when you inherited your brother's share and his share of the disposal value.
Both gains can then be added together.
Guidance for allowable costs can be found here:
CG15250 - Expenditure: incidental costs of acquisition and disposal
Thank you. 

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