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Capital Gains tax - help with please
creme_brulee
Posts: 168 Forumite
Hi everyone,
hoping someone can help me with my question please?
My husband has recently lost his Dad and we are currently in the process of selling his Dad's house. The proceeds are to be split three ways between the siblings with approx £50K going to each per the will. As this isn't any of their main properties, will there be Capital Gains tax to be paid on the £50K?
I have had a look at HMRC website but am still a little confused..
thanks in advance
hoping someone can help me with my question please?
My husband has recently lost his Dad and we are currently in the process of selling his Dad's house. The proceeds are to be split three ways between the siblings with approx £50K going to each per the will. As this isn't any of their main properties, will there be Capital Gains tax to be paid on the £50K?
I have had a look at HMRC website but am still a little confused..
thanks in advance
0
Comments
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CGT does not apply to an estate. The value of the house will be included for the purposes of calculating IHT on the estate. It would be unfair to tax it once under CGT and again under IHT. Even Gordon wouldn't stoop that low!0
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what happened with this?0
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