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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15916
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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My uncle died and left his assets to be devided 5 ways; me,

Resolved Question:

My uncle died and left his assets to be devided 5 ways; me, my brother, my sister, my father and the rest to all our children. This was 2006/7. A property was sold which me and my wife bought after selling ours. Should CG's have been paid on the property? I'm sure I asked HMRC if this should have been paid! I had probate and administered the will.
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.
Hi.

Are you saying you bought a property owned by your later father from his estate?
Customer: replied 3 years ago.

Not my father it was my uncle. Me, my father brother and sister were left a fifth each and a fifth was devided equally to 11 children.


My wife and me sold our property to purchase my uncles house which was part of his estate.

Expert:  TonyTax replied 3 years ago.
Thanks.

Leave this with me while I draft my answer.
Expert:  TonyTax replied 3 years ago.

When an individual dies, their assets are valued at the time of death at the current market value for Inheritance Tax and Capital Gains Tax purposes. If an asset is sold by the estate as opposed to being put into the names of the estate beneficiaries, the capital gain or loss, if any, is calculated by deducting the value at death (the probate value) from the disposal proceeds. So, assuming you paid the full market value for the property shortly after your uncle's passing, there is unlikely to have been a taxable gain. The first £8,800 of gains for a deceased estate in 2006/07 would have been tax free.

I hope this helps but let me know if you have any further questions.

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