Any tax which tax

ps2659

Hi
Just asking for a friend, he has been left a property and an amount of money he's not sure at this stage how much money due to lawyers sorting things out, however he has the property of todays date and is going to sell it approx £120000. this has been left to him by someone he's not related just some he has known for years, will he be liable for any type of tax?

molerat

He will be liable for capital gains tax on the difference between the property value at death and the value at sale and will be able to offset some against his capital gains allowance.

ps2659

molerat wrote: »

He will be liable for capital gains tax on the difference between the property value at death and the value at sale and will be able to offset some against his capital gains allowance.

Thanks for the reply as the death only occurred a couple of months ago I would imagine they would be the same valuation therefore no tax to pay.