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Posted Mon, 16 Sep 2024 09:11:12 GMT by kaseyC
My father passed away in 2009 and left me his share of his property with my mother. They were tenants in common with severed tenancy. My mother lived in the property alone until she died in 2023. Obviously we are now selling her property but do I have to pay capital gains tax on my fathers share? Obviously the property would have been worth a lot less in 2009 but it wasn't sold at that time as my mother still lived there.
Posted Wed, 25 Sep 2024 08:28:06 GMT by HMRC Admin 21 Response
Hi,
Yes. You became the owner of part of the propety when your father died, with the value of the property being based on the market value of the property on the day he died. This figure needs to be used on the share you received from your father and if your mother willed her share to you, you would use the market value of the property on the day she died.
This will help you work out the acquistion cost, to help work out if there is a gain. There is a calculator to help you at Tax when you sell property.
Thank you.

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