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Thomas
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7609
Experience:  BA (Hons), PgDip, Practising Solicitor
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my mother left me a property in England if i sell it do i have

Resolved Question:

my mother left me a property in England if i sell it do i have a tax liability.
Submitted: 7 years ago.
Category: UK Property Law
Expert:  Thomas replied 7 years ago.

Hi,

 

Thanks for your question.

 

Do you presently own another property that you occupy as your primary residence?

 

Kind regards,

 

 

Tom

Customer: replied 7 years ago.
yes
Expert:  Thomas replied 7 years ago.

Hi,

 

In that case the IHT liability will be paid in accordance with the Will. This will state whether the gift itself is to bear it's own burden of IHT or whether the IHT is to be paid out of the estate.

 

As to CGT, if you are not to use it as your main home then if you sell the property there may be a a CGT liability which you will have to pay upon sale if there has been an increase in the value of the property between the date of your mother's death and the date that you sell the property.

 

If you are to live in the property as your main private residence then you should tell HMRC that this property is your MPR. CGT would then apply in the case of a sale of your other property.

 

If this is useful please kindly click accept so that I may be rewarded for my time. It will be gratefully received and you will be free to ask follow up questions.

 

Kind regards,

 


Tom

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