Heherited property

777birdy

Hi
If I inherit a property no inheritance tax due estate under 300k  if I then sell the house after refurbishing it do I then have any tax to pay on sale of it 
Thanks 

user1977

Potentially capital gains tax. The fact it was an inheritance doesn’t change things (other than the “before” price is whatever the value declared for probate was).

Keep_pedalling

If you sell for more than the probate value and don’t use it as you primary residence than CGT will apply to the gain. If you are refurbishing it then some of those costs can be used to reduce your gain, but things that are classed as maintenance can't. For instance if you install central heating where none existed before you can offset you gain but replacing an existing central heating system can’t.

Marcon

777birdy said:

Hi
If I inherit a property no inheritance tax due estate under 300k  if I then sell the house after refurbishing it do I then have any tax to pay on sale of it 
Thanks 

Have you resolved in the issue of the live-in partner? Essential to do that before you start renovating or anything else, especially if they are minded to make a claim for financial provision.

Savvy_Sue

Also check very carefully that whatever you spend before you sell the house will be worthwhile. Often you won't see the costs reflected in a higher sale price.