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If the sale proceeds are less than the value of the property when inherited and you have made a loss on sale, then there is no tax to pay as you would only pay capital gains tax on capital gains.
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I valued the house myself for home insurance purposes at £150k and sold it for the same price. I didnt get a valuer in at the time. So I should just put no gain on my tax form?
Anthony, thank you for your reply.
Was there any valuation done when you inherited the property.. if it was a result of demise of a loved one, was there any valuation for probate purposes?
You should ascertain a valuation when you inherited the property to avoid any enquiry from HMRC.
If you are satisfied that the sale price equates to valuation at the time of inheritance than you can state there is no gain when completing your tax return.