Giving current situation of CGT implication on Inherited Property, I appreciate if someone helps me here as I found it difficult to get this fact.
Client used to live in a property as married couple with his late wife in their main residency prior wife's death. Property was in her late wifes' solo name, also property in question was her private residency since 1950's until she died. Property was transferred into client sole name at probate value after deed of variation settled the estate of late wife by mutual agreement with her family as she died without leaving the will.
Reading through HMRC guidelines there is paragraph confirming that:
"If a residence is transferred between a husband and wife who are living together or between civil partners of each other who are living together, whether by sale or by gift, the period of ownership of the transferee is treated by TCGA92/S222 (7)(a) as beginning at the beginning of the period of ownership of the transferor. This also applies where the residence is transferred from one to the other on death."
However TCGA92/S222 (7)(a) goes back-dated up to 31/03/1981 value of property.
Question: Giving current situation, does TCGA92/S222 (7)(a) applies to my client ? If it does, would my client be deemed as owner of property since 31/03/1983 as he has inherited his late wife PPR and that taking back date as owner of property since 31/03/1983 ?