Here is the scenario; Bob and Jenny bought 123 Smith Street in 1970 (pre 1985) as joint tenants. In 2016 Bob died and Jenny as the only surviving joint tenant took full ownership. In 2022 Jenny then died. The property was inherited by their son Bill who had lived in the property for 30 plus years. Bill had a right to occupy the home and from the date of inheritance and it has been his principle place of residence ever since. Bill is now wanting to sell the property (more than 2 years after Jennys death). Will this sale be subject to capital gains tax.
Key facts.
- Property bought pre 1985
- Value in 2016 =1.1m
- Value in 2022 = 2.9m
- Value in 2025 (sale date) = 5.3m
- House never used as business
- Bill always lived in and continues to be his ppr
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