I now act on behalf of an elderly widow who with her husband owned two properties jointly for many years: their main residence and a weekend and holiday flat on the coast. They looked after their own taxes and I am not aware of any main residence elections having been made. On her husband’s death in June 2018 my client inherited the other half share of each property.
The widow has recently sold the holiday flat. She had used it from time to time following her husband’s death but found it had lost its appeal. There is a large capital gain but in part this is alleviated by the uplifted probate value on the half share acquired on her husband’s death.
I was interested in ‘A merry dance’ (see Taxation 12 March 2020 page 16) concerning the...
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