DougBT Walker

Mr and Mrs X bought a house in 2002 for £190,000 under a Tenants in Common title deed. The property is used as a second home for 15y then latterly as a furnished holiday let. Mr X dies and leaves his share of the property to their daughter. Mrs X and her daughter decide to sell the property , which is not their primary residence. They sell the property for £490,000 and her daughter takes half £245,000. This is below the IHT threshold. Is Mrs X’s capital gain £245,000 minus £190,000 or £490,000 minus £245,000 or half of £490,000 minus £245,000? Is the daughter liable to CGT of IHT?