Capital Gains tax on inheritance property

Capital Gains tax on inheritance property

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Discussion

rek

Original Poster:

129 posts

122 months

Thursday 24th July 2014
quotequote all
Can anyone help with a query about a small inheritance, Im a bit lost with all of this...

If it takes 2 years to sort out the estate of a deceased parent and be in a position to sell the house, am I liable for CGT on the increased value of the property in that 2 years? The total value is well under the inheritance tax threshold.

Ive searched the forum for someting similar and think its a yes...

Ginge R

4,761 posts

218 months

Thursday 24th July 2014
quotequote all
Have you been living in it as your main residence? If not, if you can't claim PRR, then chapter and verse..

http://www.hmrc.gov.uk/inheritancetax/tax-when-you...

rek

Original Poster:

129 posts

122 months

Thursday 24th July 2014
quotequote all
thankyou its right there in black and white..

"You might have to pay Capital Gains Tax if you sell, give away or exchange an asset you've inherited and it's gone up in value since the date of death."

Simpo Two

85,149 posts

264 months

Thursday 24th July 2014
quotequote all
rek said:
thankyou its right there in black and white..

"You might have to pay Capital Gains Tax if you sell, give away or exchange an asset you've inherited and it's gone up in value since the date of death."
Then again, if it took two years to 'sort out the Estate', at which end of the two years did you personally actually inherit, ie become the personal legal owner of, the property?

rek

Original Poster:

129 posts

122 months

Thursday 24th July 2014
quotequote all
About a month ago.. My dad had remarried and moved to another country. it took months to even get a certified death certificate so we could stop bank, pensions etc... it's made everything take a long time.