How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Buachaill Your Own Question

Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10406
Experience:  Barrister 17 years experience
53108719
Type Your Law Question Here...
Buachaill is online now

I have just sold a property which was inherited from my father,

Customer Question

i have just sold a property which was inherited from my father, I understand I may be liable for Capital gains tax. The property when inherited (between my brother and myself) was a going concern (supermarket.) Since then the business has ceased and the property was empty for over a year. The valuation in probate (Ten years ago) £180,000. We have just sold this property for £205,000.Can you give some guidance please
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1. There will be little or no CGT payable here. firstly, CGT is only payable on the uplife or "gain" on the difference in value between the £180,000 at which you inherited it and the £205,000 at which you sold it (less any sale costs). So the uplift or gain was only £25,000 at the very most. Secondly, both yourself and your brother have an annual allowance of £11,300 each. So you have £22,600 of an annual allowance between the two of you. So the maximum chargeable gain is only £2,600, which if you something like estate agency fees would mean there was no taxable gain at all.
Expert:  Buachaill replied 1 year ago.
2. That should read the the maximum chargeable gain would be £2,400. So, if you paid estate agency fees, there would be no gain at all and nothing chargeable. However, you do have to file a return with HMRC in which you claim your annual allowance. Otherwise it is taxed.
Expert:  Buachaill replied 1 year ago.
3. Please RAte the answer as unless you RAte the answer your Expert receives no payment for answering your Question.
Buachaill, Barrister
Category: Law
Satisfied Customers: 10406
Experience: Barrister 17 years experience
Buachaill and other Law Specialists are ready to help you
Customer: replied 1 year ago.
Thank you for your quick response. I was very pleased with explanation and pleased of course to hear that I may not need to pay any cgt
Expert:  Buachaill replied 1 year ago.
4. You are welcome. Thank you for accepting the Answer.

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice
 
 
 

Related Law Questions