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Any tax which tax

ps2659
ps2659 Posts: 534 Forumite
Part of the Furniture 100 Posts
in Cutting tax
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?

Comments

  • molerat
    molerat Posts: 35,796 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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
    ps2659 Posts: 534 Forumite
    Part of the Furniture 100 Posts
    edited 9 November 2015 at 5:01PM
    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.
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