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Posted Thu, 31 Oct 2024 17:17:10 GMT by amanda cooper
Husband passed away in September and we were/are selling our 2nd property ( never lived in it ourselves). It was purchased 10 years ago in joint names. Obviously I inherit it CGT free but how is the rate calculated when the sale goes through. Do I pay 24% on the whole amount the property increased by? Or 50% of the amount the property increased by?
Posted Wed, 06 Nov 2024 15:12:11 GMT by HMRC Admin 34 Response
Hi,
You will take your 50% share of the value at the time of purchase and then the other 50% share of the value when your husband passed away. Added together this is your purchase price and the gain will then be the difference on this taken from the sale value (plus any relevant costs).
Thank you

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