CGT on inherited property which had a right of residence

[bazwaldo]

Does anyone know if an allowance is made for any of the following when calculating CGT?

1. As there was a right of residence the house could not have been sold at the time of probate (the person with the right has passed away)
2. The house was in a bad state at the time of probate and since been cleaned and repainted
3. The probate valuation was too low
4. There is a site which has gone down in value which included in probate. Can that loss be offset against the house if sold?

 

[RedOnion]

As there was a right of residence the house could not have been sold at the time of probate (the person with the right has passed away)

The probate valuation was too low

These 2 items are linked - the right of residence reduced the valuation on inheritance. Flip side is it increases CGT when eventually sold.

There is a site which has gone down in value which included in probate. Can that loss be offset against the house if sold?

Only if the site is sold.

 

[bazwaldo]

So it seems that the only way to reduce the CGT is to sell the sites within this year (the house sale is almost complete).
(House sale price - Valuation of house - expenses [receipted from doing house up, estate agent fees, solicitor fees]) - Loss from site) * 33%

 

[Poormans]

I have a similar question which has been worrying me. I inherited a house back in 2011 from my grandfather. It was bottom of the market almost back then and the property was valued around 100K at the time. My grandfather had right of residence until he died last year. I was living there for a 3 years from 2012 to 2015 until I had to move up the country for work but was back every second weekend or so. I was renting there, got married and had a baby in 2020 during COVID. We moved back home in 2021 but my granddad was mentally unwell so we moved in with my wife's family and we are still living with them today. Its now 2023 and I am selling the house but the value is now 3x more than in 2011 and I am worried I am going to lose over 100K to CGT. We never bought anywhere else so it was/is my only residence that I have owned if that matters?