CGT on housesale

[misstealeaf]

My parents bought a house in the late 70's for approx 16K. Indexed this gives a value of c.64K. They were married and bought the house jointly. My mam moved out of the house after 4 years and my dad continued to live there. They never legally spearated or divorced and ownership of the house remained in both their names.

My dad passed away last year and on his death my mam inherited his share of the house. There were no CAT implications as the inheritance was from her spouse. My mam is now planning on selling the house. The likely sale price is c.150K. Obviously this has not been her PPR so I am assuming that she will be liable to CGT on any gain that arises on the sale. Is there a way out of this?

If no and she is liable to CGT what would the gain be? Would it be 150K minus 64k @33%. Or is she only liable to a gain on her share of the house i.e. 75K minus 8K indexed. This basically assumes that no gain arises on the half of the house that was my Dads- she inherited it at the market value last year of 75K and is selling his half for the same market value?

Thanks in advance for your help with this.

 

[Joe_90]

She acquired a 1/2 interest in the late 70's so that's €64 x 1/2 (was it £16,000 -> €20,000 x 4.18)

Anyway the other 1/2 is acquired on date of death so €75,000. Base cost €32,000 + €75,000

 

[misstealeaf]

Ok that's great news Joe_90- means the tax liability will only really be half of what she was expecting. Thanks for your help.