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Capital Gains Tax - Selling an inherited property????
snowdon78
Posts: 11 Forumite
Hello,
I have a property that I inherited from my father last year - I have carried out a lot of improvements on the property and has now been valued at £166k.
I had the property valued last year at £135k before improvements where carried out and also before the property was passed onto me.
Would there be a capital gains tax applicable to the property if I where to sell? Would I need to know the probate value when the property was transferred to me?
Thanks
I have a property that I inherited from my father last year - I have carried out a lot of improvements on the property and has now been valued at £166k.
I had the property valued last year at £135k before improvements where carried out and also before the property was passed onto me.
Would there be a capital gains tax applicable to the property if I where to sell? Would I need to know the probate value when the property was transferred to me?
Thanks
0
Comments
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You need to know the probate value and the costs of the improvements.
Subtract those from the selling price along with selling costs and then you take your CGT allowance (£9,600) off the result. The remaining amount is chargeable to CGT at a flat rate of 18%.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.0 -
Assuming you don't live in it, of course - if you do live in it as your main home, the CGT would be nil.Trying to keep it simple...
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