Jon Edwards

Thank you for the reply. Do the three trustees each take one third of the 50% gain and individually calculate their own CGT for the year with each of their individual CGT allowances?

My parents in law jointly owned a property 50/50. They bought this property for £78,250 on 15/1/2003 and lived in it until 30/8/2016 when they moved in with us, since when it has been rented out. Father-in law died on 26/10/2021 at which point his 50% of the property passed to their three children as trustees (according to his will), with his wife (my mother in law) retaining her 50% share. Mother in law continues to live with us and receives all of the rental income from the original proprty. Mother in laws will currently states that her 50% of the house will pass in equal share to the children (one of which is my wife) who are also the executors and the trustees of Michael’s 50%. Mother in law is now considering whether to sell the house now, or to keep it and leave it for the trustees and executors to sell after her death. I am trying to understand what is the capital gains tax implications in each situation. Neither father in law's original estate or Mother lin laws will come anywhere near inheritance tax threshholds. I am struggling to work out whether to take the value for CGT for 50% of the value when FIL died, or 100% of the value when the house is eventually sold. And can the trustees and MIL both use CGT allowances, or does just one allowance apply?