Husband and wife owned second property jointly (not tenants in common). Husband dies, wife becomes sole owner. She sells property. What is her base cost for CGT?
Is it 50% probate 50% original cost or is it 100% probate?
Any help much appreciated.
Andrew
Replies (5)
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Think before you drink
Given the quality of Nicola's first answer, the time it was posted (10.51am), and her subsequent explanation that it was done during her lunch break, one can only wonder at which particular hostelry she lunches.
On the ball!!
The establishment where I enjoyed my lunch was my office and believe me in January due to early starts 10.51 IS lunch break time!
No, it's 50/50
Her base cost is 50% original cost, 50% probate value. See CG 30390, last paragraph.
Whoops
Sincere apologies - I misread the question. My own fault for glancing at AW during a quick lunch break. I quite agree you use base cost and probate values.