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Tax on selling a property?
ANGELB
Posts: 40 Forumite
I've been left a semi detached house in my late uncles's will. It needs modernising inside, new bathroom/kitchen/plastering etcetera. When it does go on the market we would be looking at around £140k. I'm sure there is a tax on selling a property but not sure what it is, unearned income? or capital gains tax? Any advice would be very welcome. Both my husband and I work fulltime and have our own house (mortgage paid in 5 years).
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Comments
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That would be capital gains tax but is only relevant if (a) the house goes up in value between your inheriting it and selling it and (b) the gain exceeds your allowance (which used to be £8,500).
Given the current market conditions I doubt that will be much of an issue.0 -
http://forums.moneysavingexpert.com/forumdisplay.php?f=22
http://www.hmrc.gov.uk/individuals/index.shtmlDeclutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
In order to satisfy IR on capital gains, find out if the executor had the house valued by a surveyor for inheritance tax purposes. If so, get a copy of this, which determines the value in its current condition. If not, get a surveyor to value it.
If you do work, when you come to sell it, ask same surveyor for a revision of their valuation and keep your fingers crossed the difference isn't a positive number that exceeds the threshold0
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