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TonyTax
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Have a profit of 22/264 after disposal of my moms property.i

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have a profit of 22/264 after disposal of my moms property.i no longer work and have an income of £15481.60 for tax year 2014/15 .property was sold in 02/15. what would be my tax obligation
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. Can you clarify what the profit is please. You have typed 22/264. Did you inherit the property?
Customer: replied 1 year ago.
Sorry profit is £22264.00 after deducting estate agents fees. This was my mothers home and the amount is my share from the sale , even though we have purchased her another property. we actually owned the house
Expert:  TonyTax replied 1 year ago.
Thanks. The sum you received isn't necessarily the profit. The profit will be the difference between what the property's value was when it was given to you and the others and what it was sold for or the difference between what you and the others bought it for and what it was sold for. If the gain is indeed £22,264, the first £11,000 will be tax free due to the annual CGT exemption which will leave £11,264 on which you will pay CGT at 18% (£2,027.52). I hope this helps but let me know if you have any further questions.
Customer: replied 1 year ago.
is that the same even as i do not work
Expert:  TonyTax replied 1 year ago.
Yes, it is. You are a basic rate taxpayer as the sum of your income and the gain are no more than £41,865 so you pay CGT at 18%.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15840
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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Customer: replied 1 year ago.
thanks

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