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Posted Wed, 13 Dec 2023 15:53:29 GMT by ant550lag
My mother and father were divorced at the time of their death and the joint tenancy of the property was severed at the time of the divorce. My father died intestate in March 2019 and I am the sole beneficiary of his estate. The Grant of Representation reflected the value of his half share of the property at the time of his death. My mother continued to live in the property until she died in April 2022 and the property is in the process of being sold. Will I need to pay CGT on the gain in value of my father's half share in the property since his death in March 2019? If so, how do I calculate the gain in value? Also, when submitting the application for grant of probate for my mother's estate, do I need to declare the total value of the property for Inheritance tax purposes, or only the value of my mother's half share?
Posted Tue, 19 Dec 2023 11:42:21 GMT by HMRC Admin 5 Response
Hi

For the any capital gain, you will be looking at the value of your fathers share in 2019 and the value at the date of your mothers death in 2022.
This will then be your 'purchase' price. The value the property is sold at is your disposal and any difference is your gain.
For grant of probate, it is only your mother's share that counts.

Thank you

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