We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
capital gains on house inheritance and improvement

stv19m35
Posts: 1 Newbie
I have recently inherited a house. Qn 1. Is there any capital gains to pay if I sell it? Qn 2. I done some improvements so am I liable to CGT on the difference between the probate value and the selling price? Qn 3. I have sons living abroad so if I do a deed of variation to them, will they be liable to any CGT? Thanks in advance.
0
Comments
-
If there is a big enough gain in value between when you became owner and when you sell, if not living in it (genuinely) then yes, CGT payable.
I and my sister paid CGT on our late brother's house when went up quite a bit between when we got it & when sold.
Quite right too.
Btw Declared and paid within 60 dats if sale. Then part of SA..1 -
stv19m35 said:I have recently inherited a house.
Has the property actually been transferred into your name or is it still owned by the estate ?stv19m35 said:Qn 1. Is there any capital gains to pay if I sell it?stv19m35 said:Qn 2. I done some improvements so am I liable to CGT on the difference between the probate value and the selling price?stv19m35 said:Qn 3. I have sons living abroad so if I do a deed of variation to them, will they be liable to any CGT? Thanks in advance.0 -
Deed of variation means they inherit directly, as if you were never named. This does mean that they each have a CGT allowance, if not used elsewhere. As the property is in the UK, they will be liable for CGT on any gain. Basic calculation is sale price less Probate value less selling costs. You may be able to deduct improvements if they were improvements rather than maintenance. Then the gain is split 3 ways, each declaring it and paying tax, less their allowances.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.2K Banking & Borrowing
- 252.8K Reduce Debt & Boost Income
- 453.2K Spending & Discounts
- 243.1K Work, Benefits & Business
- 597.5K Mortgages, Homes & Bills
- 176.5K Life & Family
- 256.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards