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Alice H
Alice H, Solicitor/Partner
Category: Law
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Experience:  Partner in national law firm
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After a persons death their property is sold above the capital

Customer Question

After a person's death their property is sold above the capital gains tax level but a mortgage is repaid bringing the sum below that level is capital gains tax still applicable on the total amount?
Submitted: 3 years ago.
Category: Law
Expert:  Alice H replied 3 years ago.

Alex Hughes :

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Alex Hughes :

Capital Gains Tax is calculated AFTER the mortgage and other expenses are dedcuted from the sale price. If after deducting the mortgage the balance falls below the CGT limit then no CGT is payable.

Alex Hughes :

Here is very helpful calculator from HMRC: http://www.hmrc.gov.uk/cgt/property/calc-cgt.htm