Capital gains after property sale

Roughly how long ago did you inherit?

Bitstring , from the wonderful person Mike O'Sullivan said

How long since your mother died? A deed of variation to the children might be able to split the gain three ways, as well as ducking any possible IHT implications if you pop your clogs in the next 7 years..

thanks for the replies. I inherited in 1996. The property was rented until this year.

Pity. Time limit for deed of variation is two years after death, IIRC.

You get indexation allowance from 1996 to 1998, and assuming you sold after

5 April 2007, you will have owned the property for 9 whole years since 6 April 1998, and you therefore qualify for taper relief of 40% of the indexed gain.

The property has presumably never been you home during your ownership and therefore private residence relief is not available and as a result no lettings relief is available either.

What you could do (and it *might* be possible to do this retrospectively, but I'm not sure) is (notionally) before you sell it, gift half the property to your wife (if you still or again have one) so that the sale is from both of you to the buyer instead of just from you to the buyer.

That way you would have the benefit of two tranches of the annual £9200 exempt amount.

Thanks for the reply. Yes we've already taken all that on board, including registering in joint names. I was just making sure there wasn't anything I'd overlooked in connection with the gift to my offspring.