Inherited late mothers property, do I have to pay capital gains when I sell it?

Promort

I recently inherited my late mothers property (a flat). It is now in my name, and we plan to let it out - the income from which I understand that I have to declare.
However as it is not my main residence, do you know if I will have to pay capital gains tax if/when I decide to sell it?
Any advice appreciated.
Thanks

G_M

Yes.

Any increase in value from the date of inheritance to the date of sale is a capital gain which will be taxable (subject to normal CGT allowance)

ognum

Yes you will pay CGT on the increase in value from the probate value to the value at sale.

Ensure you keep all your documentation from probate.

If you make a capital expenditure keep all the receipts and details as this is also deductable.

It is important when renting to keep detailed accounts and be aware what expenditure can be allocated to tax reduction and which to capital projects.