Value of gifted property for CGT

Value of gifted property for CGT

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Mrs L gifted her property to her son. At the same time she signed a 30-year tenancy agreement for a rent of £1 pa to stay in the house.The market value with vacant possession was £30,000 at the time.

Mrs L has now died and the house has been sold. Can £30k be the base cost in the CGT computation or do we need to revise the value downwards because of the "sitting tenant"? Does the fact that the son would never have sold the property while the mother still lived there have any bearing on this?

Simon Lees

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