UK Tax Questions? Ask a UK Tax Advisor for answers ASAP
It was put into the names of the beneficiaries.
Thanks.You are entitled to the main residence relief if you are live in a property during your ownership, not for any period before that when you had no financial interest in it.If you lived in the property from the date of probate which is your acquisition date for Capital Gains Tax purposes to the date the property was disposed of then you will be entitled to exemption from CGT for your share of the gain. Take a look at HS283 for more information.I hope this helps but let me know if you have any further questions.
Hello again I am afraid that the answer I gave you may have been incorrect.The house was put in my name to protect the Estate.
I will of course pay you again for further advice.
Sorry I am a bit stressed out.The solicitor said that it was put into my name in order to protect my one third entitlement.