Hi there,
If a child inherit's their parents' PPOR, do they have to pay any tax upon receiving this inheritance?
Presumably the asset gets transferred to the child's name at this time?
What if the child then decides to sell this property straight away, is there any CGT on sale?
What if they live in it before selling it, is there any CGT on sale?
And what if they rent it out for a couple of years before selling it, is there any CGT on sale?
Thanks,
JIT
If a child inherit's their parents' PPOR, do they have to pay any tax upon receiving this inheritance?
Presumably the asset gets transferred to the child's name at this time?
What if the child then decides to sell this property straight away, is there any CGT on sale?
What if they live in it before selling it, is there any CGT on sale?
And what if they rent it out for a couple of years before selling it, is there any CGT on sale?
Thanks,
JIT