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 TonyTax Your Own Question
TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15917
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

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

Resolved Question:

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 and other Tax Specialists are ready to help you
Customer: replied 1 year ago.
thanks

Related Tax Questions