Scenario cgt tax help please

Dogsrthebest

Hello 

I current own half a property worth 250k approximately and i have a joint mortgage with about 107k left.

I may shortly receive an inheritance of a house worth about 240k. If i sell the the mortgaged property to go and live there which i have lived in for 7 years and pay off the 107k will i be liable for anything? 

Another scenario i may sell my house and move into the house if so does anything change?

Many thanks for any information and assistance. 

I am in wales if that makes any difference.

silvercar

I'm confused whether there are 3 properties or 2.

So property A, you own half - value 250k, mortgage 107k. So your half of the equity is about 71k.

property B you have inherited, mortgage free, value 240k

is "my house" property C or are you talking about property A? When you talk of moving into "the house" is that A, B or C?

Bookworm105

please clarify as per above questions

also please understand that any CGT exposure is based on the gain in value between you acquiring it and you selling it (less any applicable relief. such as "main home" - Private Residence Relief)

The size of any mortgage outstanding on a property has no impact whatsoever on the amount of your gain 

Grumpy_chap

Dogsrthebest said:

Hello 

I current own half a property worth 250k approximately and i have a joint mortgage with about 107k left.

I may shortly receive an inheritance of a house worth about 240k. If i sell the the mortgaged property to go and live there which i have lived in for 7 years and pay off the 107k will i be liable for anything? 

Another scenario i may sell my house and move into the house if so does anything change?

Many thanks for any information and assistance. 

I am in wales if that makes any difference.

You will need to know purchase costs for each property.
Where do you live now?
Where is the "there" in "to go and live there"?
Where is your house?  Which house might you move into?
If you sell half of the mortgaged property, what will the owner of the other half of that property do?

SVaz

If you are selling the house you live in to move into the inherited property,  then there should be no CGT to pay.  

You have 9 months before any gains over £3k ( I think) on whichever is the uninhabited property become taxable 

sheramber

Dogsrthebest said:

Hello 

I current own half a property worth 250k approximately and i have a joint mortgage with about 107k left.

I may shortly receive an inheritance of a house worth about 240k. If i sell the the mortgaged property to go and live there which i have lived in for 7 years and pay off the 107k will i be liable for anything?
 
Live where?  
The above mortgaged property?

How can you go there if you have lived in it for  7 years?



Another scenario i may sell my house and move into the house if so does anything change?


Sell which house and move into which house?



Many thanks for any information and assistance. 

I am in wales if that makes any difference.

Questions  in bold