Capital Gains Tax

league

Hi

I have a few questions,
My parents house is in the process of being sold, I would like to know if any Capital Gains Tax is payable.

The house is now jointly owned by myself and 2 brothers and a sister proceeds being about £78,000 each.

I have just completed paying the inheritance tax on my fathers estate, which included the house but have now been advised by my solicitor, conducting the sale of my parents house that there might be tax to pay.

I also own my own property so for example what amount of tax is payable on the property share.

Any comments appreciated

Regards league

nealnomoney

what was the value of the property on the date you acquired it?

league

Property was acquired in my name and brothers and sisters name in 2000,
when the deeds were transferred, afraid house was not valued at the time
sale price is £320,00 price agreed with buyer.

(additional info)
As the property was originally my mother's property (my father did not have a interest in the property).

Property has been in a trust setup by my mother till the sale, the will had a clause to let my father stay in the house till he passed away.

hope this helps

regards league

silvercar

you need to find the value of the property at the time you acquired it. This is because any CGT will be based on the gain you have made ie sale price less market value at start of ownership. There are various reliefs available including taper relief I think and you have a CGT allowance of £9,200 for the current tax year.

league

Hi thanks for the replies

Jimmo here are the answers I hope to your post

1 Mother passed away in 2000 father 2006, checked title deeds property registered in my name and brothers & sister 2001

2.Trust setup before mother died, details of the will, the property to be divided equally on death of father, father had rights property could not be sold till death.

3. entire property in trust, title deeds show individual names with a
restriction cannot be sold unless it is the trust or through an
order of the court.

Is it my understanding that the Capital Gains would be payable on the difference in the value of the property, between the dates of title transfer 2001 till now 2007 plus any relief if any .

no valuation done at the time how could I find out this information?
and do you think I need the services of an accountant as told to me
by the solicitor handling the sale.

regards league