Andrew Potter
Joined: 9/3/2024
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Capital Gains tax on shared inherited property
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.