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Posted Mon, 05 Feb 2024 17:32:40 GMT by
I have recently jointly inherited a property with my brother. On selling the property, we made a gain of £20,000 with deductions for solicitor and estate agent fees of £7,995 leaving a net gain of £12,005. My question is, the CGT allowance for 2023/24 is £6,000 and my understanding is that this is a personal allowance and therefore our 50% share will incur minimal CGT. Is my understanding of the allowance correct as my solicitor has now advised that there is only one allowance per property?
Posted Wed, 07 Feb 2024 14:26:55 GMT by HMRC Admin 25 Response
Hi Michael Davis,
As long as you inherited the property, by way of a will, you can each claim an annual exempt allowance.
If you did not inherit the property, but benefitted from is disposal as part of the estate, then there is only one annual exempt allowance.
Thank you. 
Posted Thu, 08 Feb 2024 09:27:24 GMT by
Thank you for your reply.

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