Selling an inherited house - tax implications

marina2011

Hi

I tried to post this yesterday but I can't find the link so am re-posting.

My Aunt passed away in September 2010. She left me her home, valued for probate at £150,000 and this was transferred to me in May 2011. The home has been empty for all of this time but I have been a regular visitor.

I have carried out works to the property and estate agents are now valuing it at around £185-£190,000. This is the only property I own, I live with my parents and wish to sell this one to buy something closer to my place of work.

What are the tax implications? Do I need to pay tax or will it be covered by inheritance tax (my aunt's estate was worth around £300,000). If I do need to pay tax, what type of tax is it and how does one work the amount out? Also, a silly question, but is the tax deducted immediately or if not how does not pay it?

Any help would be much appreciated.

Tixy

Here is a link to your previous post and some replies https://forums.moneysavingexpert.com/discussion/3516627