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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15763
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Good morning I spoke to u yesterday regarding my house that

Customer Question

Good morning I spoke to u yesterday regarding my house that I inherited of my parents that I recently sold for 175,000. I needed to know about capital gains tax I said probate valued it at 165,000 I found the paperwork last night and it was valued at 160,000 not at 165,000 could you please tell me how I stand now please
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

Can you tell me in which month of this year the property was sold please.
Customer: replied 2 years ago.

26th of September. It's 4 weeks ago

Expert:  TonyTax replied 2 years ago.
Thanks.

Leave this with me while I draft my answer.
Expert:  TonyTax replied 2 years ago.
Hi again.

You owned the property for 51 months from June 2010 to September 2014. You lived in it for 41 months and it was vacant for 10 months. Of the gain of £15,000 (£175,000 - £160,000), £12,059 is exempt from CGT as you were living in it (£15,000 / 51 x 41). The balance of £2,941 (£15,000 / 51 x 10) is the taxable gain but that is covered by the annual CGT exemption of £11,000 so assuming you have no other capital gains in the 2014/15 tax year, you will have no CGT to pay.

The actual gain will be less than £15,000 as you will have had legal fees and selling agent fees to pay out of the disposal proceeds.

I hope this helps but let me know if you have any further questions.
Customer: replied 2 years ago.

My parents passed away in June 2010 but legally I wasn't allowed to to live there until end of may 2011 because solicitor couldn't find any deeds or paperwork to transfer it in into my name with land registry so the house was empty for nearly a year so I moved into the house inend of may 2011 until sSeptember 2014

Expert:  TonyTax replied 2 years ago.
It doesn't matter. The property was left to you by your parents and the probate value is your cost for CGT purposes. The fact that the deeds were lost is irrelevant.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15763
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
TonyTax and other Tax Specialists are ready to help you
Customer: replied 2 years ago.

Thank u so much for your help u have put my mind at rest

Expert:  TonyTax replied 2 years ago.
Thanks.

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