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 Sam Your Own Question

Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13699
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
16196420
Type Your Tax Question Here...
Sam is online now

Me and my sister and brother have passed back our rights

Resolved Question:

Hi. Me and my sister and brother have passed back our rights to our parents house as my mum wanted some equity. The house has increased by 20;000 pounds since my father passed away. I know we have to pay capita l gains tax but not sure how to do this. Regards justine
Submitted: 12 months ago.
Category: Tax
Expert:  Sam replied 12 months ago.
Hi Justine
Thanks for your question - I am Sam and I am one of the UK tax experts here on Just Answer.
Can you advise whether the total gain is £20,000 and does this covering the period from when the property share was placed into you and your siblings name and the current value. So did your fathers share pass to you three children?
I can then advise further
Thanks
Sam
Customer: replied 12 months ago.
Yes we were on my father's will . Mu dad died four years ago. My mum wanted some equity so we had to sign everything back to her. So we released all of our rights to the property. Yes The house has increased in value of 20000 pounds .so I believe we are liable for capital gains tax
Customer: replied 12 months ago.
On my fathers will . Me my sister and brother shared half the house with my father. Because of this we had to release our share over to my mum cos she wanted some equity. My father died four years ago and the house has increased in value by 20000
Expert:  Sam replied 12 months ago.
Hi
Thanks for your response
As there are three of this this equates to a gain of £6666.66 each and as the annual exemption allowance for this tax year is £11,100 then you are all covered by this exemption with NIL capital gains to pay and nothing to declare to HMRC as below the annual exemption limit for the year.
(And if £20,000 was the total gain - then half of this would be attributable to you three siblings - which again keeps you very much below the annual exemption allowance (so £333.33 gain each)
Let me know if I can assist further
Thanks
Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13699
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
Sam and other Tax Specialists are ready to help you
Customer: replied 12 months ago.
Many thanks for explaining.
Expert:  Sam replied 12 months ago.
You are very welcome
Thanks
sam

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
< Previous | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
 
 
 

Meet The Experts:

 
 
 
  • Sam

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
< Previous | Next >
  • http://ww2.justanswer.com/uploads/TA/Tax Expert/2013-8-21_231010_sam.64x64.jpg Sam's Avatar

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
  • http://ww2.justanswer.com/uploads/BI/bigduckontax/2013-8-12_222058_1.64x64.jpg bigduckontax's Avatar

    bigduckontax

    Accountant

    Satisfied Customers:

    2333
    FCCA FCMA CGMA ACIS
  • http://ww2.justanswer.com/uploads/TA/TaxRobin/2013-8-28_16186_femalebusinessprofessionalbinderhand11038485.64x64.jpg TaxRobin's Avatar

    TaxRobin

    Tax Consultant

    Satisfied Customers:

    524
    International tax
  • /img/opt/shirt.png taxadvisor.uk's Avatar

    taxadvisor.uk

    Chartered Certified Accountant

    Satisfied Customers:

    2845
    FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
  • http://ww2.justanswer.com/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    270
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.com/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.
 
 
 

Related Tax Questions