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I have just received a sum of money from the sale of a property,

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I have just received a sum of money from the sale of a property, how will I know if I will be liable for Capital Gains Tax?
Submitted: 10 months ago.
Category: Tax
Expert:  TaxRobin replied 10 months ago.
HelloIf this was not your home that you sold then you will have tax to pay if you get more for the property then you paid for it. If you inherited then it is the value when you inherited that makes the determination.If it was a business asset you may have some relief form the tax.You should read this section in HMRC web sitehttps://www.gov.uk/tax-sell-property
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Expert:  Sam replied 10 months ago.
Hi Phil Thanks for speaking with me and here is what we discussed The property was worth £180000 when you become 50% share owner and was sold for £215,000 This gives you an initial gain of £35000 from which you had the costs to renew the lease at £21300 and an estimated cost for legal and estate agent fees at £5000 - when deducted this left you with a gain of £8700 Eben without taking into account the 50% share for the period from your being added to the deeds and your partner passing away and then 100% share from her passing away to the date of sale, the gain is still less than £11,100 which the capital gain annual exemption allowance - so you have no capital gain liability arsing, and none to report to HMRC Shoudl you need a furtehr recalculation once the paperwork has arrived due to a change in the selling costs (estate agent and legal fees) then do let me know.However if you could rate me for the level of service I have provided (or click accept) it would be very much appreciated Thanks Sam

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