Trafalgar188
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CGT on inherited property
My wife and her sister inherited their mothers estate late last year, total value was £180k. Her sister took the property as part of her share at an agreed value of £80k with the intention of renovating and selling on for £110k, she is hoping to make £20-25k profit from the sale. It is not and has not been her sisters residence previously. She completed the renovations before probate was granted. She has told my wife that both her solicitor and accountant have confirmed that the title should remain in joint names at sale and there is no CGT to be paid, but if there is, the sister would pay my wife’s share, which seems a contradiction. Does this sound right?