My wife and I will inherit mil's house on her death, her total estate will be well below the IHT limit, so no inheritance tax to pay. I know that we will be liable for CGT on any increase in value from the probate vaulation to the final sale value (less selling costs and CGT allowance).
It may be that estate agents will recommend some significant
improvements are made (complete new kitchen, rewiring, redecoration
etc) to increase it's value and make it easier to sell.
Can these improvement costs be offset against the CGT?
If not, it may be more cost effective just to sell the house, without
the improvements, at a lower price, I'll need to work out the
- posted 5 years ago