CGT Liability House Sale Family Member

[Marocain]

Hi hopefully someone can help me out. My husband and I are in the final stages of buying a house of my father. House valued 230k we are purchasing at 150k so he is essentially gifting us a generous 80k . As my mother passed away , the house went to probate and a valuation at time of 120k was given . He has now heard that he is liable for CGT on the 110k. I would have thought that he would only be liable for CGT on the 30 K ( 150k - 120k) . Would appreciate if someone provide some advice !

 

[Joe_90]

He is giving you an asset worth €230k you are paying €150k but he is subject to CGT on the market value of €230k.

Did your mother own the house outright at the time of her death? So he had no interest prior to her death? If he owned 50% of it his base would be different.

I assume he did not live in the house.

 

[Marocain]

Hi thanks for responding . The house is worth 230k and he is selling it for 150k . He has being told that he is subject to tax on the 230k and not 150 k.The house was owned outright by my mother and was brought prior to marriage.My father did not live in the house.