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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I'm filling in my UK tax sel femployment tax return form

Resolved Question:

Hi i'm filling in my UK tax sel femployment tax return form and have tho the question asking if I have any Capital Gains to pay, and this is what i'm not sure about ? The situation is my Auntie tranferred her house over to me and my brother and sisters, the four of us, at the time the house was valued at £130.000.
My Auntie passed away in 2014 and the house got included in the estate at the value of £195.000 because it was classed as a failed P.E.T apparently my auntie should of been paying us rent at the market rate and a peppercorn wasn't accepted. The Executor had to pay a large amount of tax.
Me and my siblings sold the house in July 2014 for 215.000. So my question is do we have to pay capital gains tax and if so what sort of amount and would this all be covered on my self employment tax return ?
Kind Regards
Nick
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question..The property was valued at £195,000 for probate purposes and you subsequently sold the house for £215,000 giving you a gain of £20,000 (£5,000 each.)Although you have to report the sale of property on supplementary pages SA108- Capital gains summary of your tax return, your share of the gain is below the gains allowance of £11,000 each and therefore no CGT payable. I hope this is helpful and answers your question.If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
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Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer.
Best wishes

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