Land was acquired by H&W in joint names 20 years ago. H has recently died with W inheriting. W wants to transfer half the land to her children. The concern is the gift is treated as a gift of the half share acquired 20 years ago rather than the half share acquired from the H. Thus, giving rise to a substantial CGT liability.
Is there a “first in last out rule”? Does anyone have any thoughts on how we can ensure the Revenue will treat the gift as a gift of H’s share?
Will a Transfer referring to wife’s expectant share from H’s estate executed prior to the issuing of the grant of probate have any impact on the matter?
Horwood and James