My Aunts CGT liability on inherited property

A question about : My Aunts CGT liability on inherited property

Hi I wonder if someone on here can give me some advice relating to Capital Gains Tax. The scenario is a little complex, well in my head anyway lol... let me explain:

My aunt inherited her brothers property upon his passing in 2007. At the time of probate it was valued (Ј130000), there was a mix of shares and cash too and thankfully she wasn't liable for any Inheritance Tax (was under the IH threshold)

Now that was 2007 and for various reasons (mainly family members ill heath) the house was left as it was under executorship (me) control and thats how it still stands now. (we avoided the actual transfer to my aunt because the idea was to sell initially, thus we thought would save duplicating legal fees)

My aunt now wants to look to sell the property and has had it valued at around circa Ј1150000 (a paper loss from 2007 value) she has a state pension with a small additional private pension. She has a modest holding of shares, cash in National Savings and an ISA and owns her own home (where she has lived for the last 20 odd years, i here thats important GGT wise) and lastly is a basic rate tax player.

Is their anyone on here who can clarify her CGT liability on selling the property in terms that are easy for us to understand. we have read various bits on web sites and to be frank, were just as confused as ever.

Thanks so much in advance Dave

Best answers:

• There are posters who know much more about CGT than I do but this case is very straightforward.
  The value of the house at the time of the death is compared to the sale price - no other assets or income are involved.
  https://www.gov.uk/capital-gains-tax/overview
• [QUOTE=Mojisola;67672062]There are posters who know much more about CGT than I do but this case is very straightforward.
  The value of the house at the time of the death is compared to the sale price - no other assets or income are involved.
  Thanks I read the .gov site and well I thought I knew where we stood, it was just after the advice from CAB that left us confused. I really do appreciate your precise and speedy replies thank you
  Dave
• [QUOTE=newdave1975;67672087]
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• [QUOTE=Mojisola;67672109]
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• just to say thank you to all who contributed to this post. iev spoken to my aunt and relayed all the advice given here. She feels much better now that you all have put her mind at ease. I dont know what the CAB were talking about, but like I say I wasnt present. But the advice here has been exceptional Thank you all very much