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Ask Your Own Question, 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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Hi, I have a Capital Gains Tax question. When someone inherits

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Hi, I have a Capital Gains Tax question. When someone inherits a property, in Scotland in this case, - is the acquisition price of the property taken at the probate / confirmation value? In this case valued at £75k. Please confirm that when they sell the property any gain or loss would then be calculated with reference to the £75k as the acquisition value and the acquisition date is date of death. Therefore if they sold at £85k there would be no CGT because of the annual exemption of £10600. Please advise if my understanding is correct. Thank you, CAS

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


Thank you for your question..


Your understanding is correct... gain will be calculated using probate value as purchase price. In your example there is no CGT payable as gain is covered by annual exemption amount.


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