Capital Gains tax on inheritance property
Discussion
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...
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...
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...
http://www.hmrc.gov.uk/inheritancetax/tax-when-you...
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?"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."
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