CGT on Inherited half of the houe??

[Farindola]

My wife and I bought our little quiet home in August 2004. It was bought solely as a holiday home and not declared as the Prima Casa.
As you can imagine we enjoyed the benefits of owning an Italian home and visited it many times.
Unfortunately, in July 2006, she passed away after a biopsy procedure.
We bought the house jointly meaning that I inherited her half of the property to which I used a public notary to sort out the paper work.
Due to the financial burdens of a second home abroad, I am thinking about selling and have noticed that it is wise to do so after 5 years.
Does anyone know if I would have to pay CGT on the half that I inherited from my wife as in theory, I have not owned this half for 5 years?
I'm not sure if it's relevant, but we have no children.

Thanking you in advance for some interesting answers.

[Charles Phillips]

I don't believe you will be liable for any Italian CGT on a property which has come to you by succession. I hope someone else will be able to be absolutely definitive for you.

Preliminarmente occorre chiarire che il concetto di 2° casa, ai fini dell'eventuale tassazione della plusvalenza, è da intendersi più correttamente come abitazione non principale. La norma in questione infatti, art. 67, comma 1 lett. b) del DPR 917/86, parla di abitazione principale del cedente e non di prima casa. Detto ciò se l'acquisto dell'immobile (oggetto di successiva cessione) è avvenuto per successione, la vendita non genera plusvalenza tassabile anche se effettuata entro i cinque anni dell'acquisto.

As for UK CGT I cannot comment.