Sorry for asking this again - I thought I understood the answer a few years ago, but realise I don't... And I apologise for not replying to RR in 2005. I don't know how I made that error.
For privacy, this is simplified with made up figures:-
I don't have to pay any CGT this year. If I sell our investment house, which I bought for around 30, and is now worth 120, I'll have to pay CGT based on the profit I make from the sale.
I am below the IHT limit. If instead, I leave the investment house in my will to my daughter, ...and I die before April 09, I thought the CGT issue would disappear, since I haven't sold the house and therefore am not liable. And I assumed that since she acquired the house when it's value was
120, and wouldn't make a profit if she sells it at that price she wouldn't be liable for CGT either. Is that right, or would the bequest somehow count as a sale for profit to my daughter making my estate liable for CGTt? How does death and inheritance rather than sale for profit affect CGT?Hope that makes sense.
Thanks agian Tony