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8/11/2009
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 16,712
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
VerifiedCan you tell me if you are living in the house, have lived in the house or let it out since you inherited it please. A brief history of your ownership will help me answer your question.
Thanks.
The length of time you own the house doesn't make any difference to your potential CGT liability. If CGT exists when you sell it, you may have to pay some. If you die before you sell it, it will form part of your estate for Inheritance Tax purposes.
For the sale of clarity, the amount you would pay tax on if you sold the house now would be the difference between what you sell it for and what it was worth when your mother died less the exemption for the first £10,100 of the gain.
The length of time you own the house doesn't make any difference to your potential CGT liability. If CGT exists when you sell it, you may have to pay some. If you die before you sell it, it will form part of your estate for Inheritance Tax purposes.
For the sale of clarity, the amount you would pay tax on if you sold the house now would be the difference between what you sell it for and what it was worth when your mother died less the exemption for the first £10,100 of the gain.
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 16,712
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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