Thank you for your question.
If the inherited property remains in your sole name, then you would claim one lot of gains allowance (current tax year £11,100). If it was registered in both names then you would claim two lots of gain allowance.
The gain would be the difference between net sales proceeds less the valuation of it when you inherited it. You would also be able to claim for expenditure to improve the property and not expenditure on general repairs and maintenance against the gain.
The chargeable gain less gains allowance would be subject to CGT at the rate of 18%, 28% or a combination of both depending on your total taxable income including the gain in the tax year of sale.
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.
Hello there, just checking if you need further information or explanation on points covered.