Skip to main content

beta This is a new service – your feedback will help us to improve it.

Capital Gains tax on shared inherited property

Answer
Andrew Potter
Posted Tue, 03 Sep 2024 09:51:17 GMT by Andrew Potter
I have recently inherited 50% share in a house which I intend to make my home. The other 50% was inherited by 2 other beneficiaries at 25% each. We have agreed that I buy out their shares. Current market value of the house gives a gain of £30000 on the total value of the house since inheritance. The 2 beneficiaries who I am buying from will make a Capital Gain of £7500 each and will report gain to HMRC. Do I have to pay any CGT at this stage as I am not selling my share of the house and not realising any gain.
Answer
HMRC Admin 20 Response
Posted Wed, 11 Sep 2024 15:59:03 GMT by HMRC Admin 20 Response
Hi,
No you do not.
Thank you.

You must be signed in to post in this forum.