CGT on commercial property 'gifted' from a trust?

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    CGT on commercial property 'gifted' from a trust?

    In a nutshell - When Father-in-Law died, his assets went into Trust to provide funds for M-i-L residential care. He owned (freehold) a small insutrial unit comprsing small office block and workshop. This went into trust until tax rules changed such that the trust would have been paying 50% tax on the rental income, at which time it was signed over to my Wife and her Brother although rental income still went towards M-iL's care home fees until her death. Property has just been sold. Question please:

    The HMRC CGT portal isn't clear about a commercial property 'acquired' from other than another person (i.e. inherited) - in this case the trust of a deceased person. It's not hugely valuable but for Probate was £70k and sold for £105k. As it was 'acquired' Foc (in 2012) is the CGT declarable sum £35k less expenses and 2 x individual allowance (divided by 2 as jointly owned) of is the whole £105k declarable(less expenses and 2 x individual allowance)?

    Grateful a steer on this please, hoping of course for the former!!

    #2
    The value of property received from inheritance should be the probate value = £70K.
    The capital gain = £105K - £70K = £35K
    The capital gain per person = £17,500
    The capital gain personal allowance - £12,300.
    The taxable gain = £5,200 approx

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      #3
      Thankyou - that's of course what I hoped for, but feared as a gift it would have been on the entire sum!

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