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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4425
Experience:  FCCA FCMA CGMA ACIS
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I inherited £99,000 following the sale of my late mother's

Customer Question

I inherited £99,000 following the sale of my late mother's shares portfolio. As a basic rate tax payer how much CGT do I pay?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. There is no tax due on the receipt of an inheritance. Any Inheritance Tax (IHT) bill will have been settled by the executors or administrators of your Mother's estate before distribution. If you received the shares as part of the distribution and subsequently dispose of them then you are liable to CGT on the gain made on sale. The acquisition price for the shares will be the probate value. You have an Annual Exempt Amount (AEA) of 11.1K to offset this gain an the balance will be taxed at 18% or 28% or a combination of the two rates depending on your income including the gain in the tax year of sale. Without details of the sale value of these shares I cannot assist you further as your question is silent upon the matter. If you can advise me of this I will be able to help you further. I do hope that you find my reply of assistance.
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Customer: replied 1 year ago.
The shares were sold for £99,000
Expert:  bigduckontax replied 1 year ago.
Thank you for your support. As you probably realise no CGT applies.