CGT is it applicable

SonofSpeke

My mum died leaving two homes, both in her sole name. My dad lives in one home and is selling the other as he is the sole beneficiary.
My question is although the value of the homes fell under the inheritance allowance, is my dad liable for capital gains on the profit that exceeds the
original valuation for probate? Thank you in advance.. 

Jeremy535897

Yes he is.

[Deleted User]

He is. The gain would be sale price less costs associated with the sale less probate value. He does, of course, have an annual exemption of £12300.

The gain must be declared and tax paid within 30 days of sale.

SonofSpeke

purdyoaten2 said:

He is. The gain would be sale price less costs associated with the sale less probate value. He does, of course, have an annual exemption of £12300.

The gain must be declared and tax paid within 30 days of sale.

As the probate and sale have taken over 4 years is his annual allowance x 4? or is that naive and wishful thinking. 

[Deleted User]

No it isn’t. The allowance is 12300 and is available to utilise against total gains in this tax year. If you don’t use it/ need it, it does not accumulate.