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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11155
Experience:  30 years as a practising solicitor.
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Me and my brother were willed my mother's flat after her death

Resolved Question:

me and my brother were willed my mother's flat after her death in February 2013. I sold my share to my brother in December 2014 and received £125k. Do I pay tax on this? I am due to complete self assessment for rental income on property from April 2014 to December and want to complete all correctly. Thank you.
Submitted: 1 year ago.
Category: Law
Expert:  JGM replied 1 year ago.
Thank you for your question.
The only tax you would pay would be capital gains tax on your half share (less annual allowance) if there was an increase in value from date of death to date of sale. In addition you would pay income tax on your share of the rental income.
Happy to discuss further.
I hope this helps.
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