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  • RE: CGT on inherited property

    Advice If my late aunt left her house to her 2 children, one of whom has always lived in this house, is she exempt from any CGT if there is a change in the probate vs selling price? For instance the probate valuation was £440k and it was sold 9 months or so later for £485k. Is the £45k gain (less costs) split between the 2 children but only the child who doesn’t live there have to pay the CApital gains tax, less his annual tax free limit of £3000??