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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15946
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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My partner inherited a sum of money, he has paid inheritance tax, but now to pay Capital G

Customer Question

my partner inherited a sum of money, he has paid inheritance tax, but now to pay Capital Gains Tax, as he is disabled and hasn't worked since 2007 due to a stroke, how do we work out how to work out how much he has to pay Thank you, ***** *****
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

Take a look at the notes here.

There is no Capital Gains Tax to pay on a cash inheritance. The Inheritance Tax is paid by the estate of the deceased. There would only be Capital Gains Tax to pay if your partner inherited assets such as property or shares and sold them for more than they were worth when the person who left them to him passed away.

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