From: Nigel W
Here's one for the lurking Accountants. Just after a ballpark answer - will obviously seek advice if it becomes a live issue...
Scenario is this:
Brother and sister inherit large seaside home and land in 1992...but the place was built in the 1920s and has been in the family all that time.
If either:
1) sister buys out brother; or
2) place is sold to a third party
will CGT be payable by the current owner?
Appreciate views from the experts. I suppose the question is really - if you acquire property via a will after September 85 will it be subject to CGT when sold.
I suppose the other question is, if CGT is payable - is it worked on cost base etc...or just the 1/2 tax rate deal?
which i suppose gives rise to the third question - how do you work out the cost base for an inherited property?
many thanks in advance
Cheers
N.
ps. Dale - love the glamour shots on your website - anyone would think you're all real estate agents!
Here's one for the lurking Accountants. Just after a ballpark answer - will obviously seek advice if it becomes a live issue...
Scenario is this:
Brother and sister inherit large seaside home and land in 1992...but the place was built in the 1920s and has been in the family all that time.
If either:
1) sister buys out brother; or
2) place is sold to a third party
will CGT be payable by the current owner?
Appreciate views from the experts. I suppose the question is really - if you acquire property via a will after September 85 will it be subject to CGT when sold.
I suppose the other question is, if CGT is payable - is it worked on cost base etc...or just the 1/2 tax rate deal?
which i suppose gives rise to the third question - how do you work out the cost base for an inherited property?
many thanks in advance
Cheers
N.
ps. Dale - love the glamour shots on your website - anyone would think you're all real estate agents!
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