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taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have sold my inhertied property for cash after the death

This answer was rated:

I have sold my inhertied property for cash after the death of my mother, I think I sold it for less than the market value, what tax do I owe

Hello, if you have any questions or need further clarification after reading my answer please let me know.

 

Thank you for your question...

 

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.

 

If you need more information please let me know before you rate my service.

 

I hope this is helpful and answers your question. I am available for any follow up questions you may have, and you can use the reply button to post your follow up questions to the page. If you are happy and there are no more issues I will appreciate if you would kindly rate the service I provided to ensure I get paid for it.

 

 

Customer: replied 3 years ago.

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.

 

If you need more information please let me know before you rate my service.

 

I hope this is helpful and answers your question. I am available for any follow up questions you may have, and you can use the reply button to post your follow up questions to the page. If you are happy and there are no more issues I will appreciate if you would kindly rate the service I provided to ensure I get paid for it.

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