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Capital gains tax for joint owned property
JohnAndrew
Posts: 35 Forumite
Not sure this is the right place for this query - here goes anyway...
5 years ago my sister and I inherited our mums house. We have now decided to sell up and share 50/50. However, my sister lives abroad so my question is will be have to pay any capital gains tax on the potential increase in the value of the property. Can I do this online or should I employ an expert? Thanks..
I'm in Scotland if this makes a difference
5 years ago my sister and I inherited our mums house. We have now decided to sell up and share 50/50. However, my sister lives abroad so my question is will be have to pay any capital gains tax on the potential increase in the value of the property. Can I do this online or should I employ an expert? Thanks..
I'm in Scotland if this makes a difference
0
Comments
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Yes she could be subject to CGT, you should not need to pay anyone to sort it out though.
https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-uk-residential-property0 -
if you yourself have lived in mother's property from the date you inherited it to the date you sell it then you will not have any CGT liability since it would be your exempt main home.
If you did not live there as your main/only home then pelase explain further so we can advise correctly
your sister, as pointed out above, will be liable to CGT as it is not her main home, and she is resident overseas so subject to the non (UK) resident CGT rules0
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