Q:Hello,
I have a property that I inherited from my father last year – I have carried out a lot of improvements on the property and has now been valued at £166k.
I had the property valued last year at £135k before improvements where carried out and also before the property was passed onto me.
Would there be a capital gains tax applicable to the property if I where to sell? Would I need to know the probate value when the property was transferred to me?
Thanks
Subtract those from the selling price along with selling costs and then you take your CGT allowance (£9,600) off the result. The remaining amount is chargeable to CGT at a flat rate of 18%.
tags: capital gains tax, probate
posted in mortgage by admin
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