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12/2/2009
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 16,712
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
VerifiedThe gain on which you may have to pay CGT is worked out by deducting the sum of the value of the one-third share you acquired eighteen years ago and the value of the one-sixth share you acquired when your mother died from your share of the disposal proceeds.
So, if the house was worth £99,000 eighteen years ago, your one-third would have a value of £33,000. If the house was worth £300,000 when your mother died the value of the one-sixth you inherited on her death would be £50,000. Your cost for CGT purposes would, therefore, be £83,000.
The first £10,100 of any gains are exempt from CGT. Any balance will be taxed at 18%.
So, if the house was worth £99,000 eighteen years ago, your one-third would have a value of £33,000. If the house was worth £300,000 when your mother died the value of the one-sixth you inherited on her death would be £50,000. Your cost for CGT purposes would, therefore, be £83,000.
The first £10,100 of any gains are exempt from CGT. Any balance will be taxed at 18%.
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 16,712
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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