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Joshua, Lawyer
Category: Law
Satisfied Customers: 32222
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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My mother died and left me her home it was valued at 450

Customer Question

My mother died and left me her home it was valued at 450 thousand pounds and cash left 47 thousand for probate.I have sold the house for 555 thousand one hundred thousand more do I have to pay capital gains tax please
JA: Where are you? It matters because laws vary by location.
Customer: Edgware london
JA: What steps have you taken so far?
Customer: Probate has finished house is sold only have to sign contract
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: no
Submitted: 20 days ago.
Category: Law
Expert:  Joshua replied 20 days ago.

Hello and thank you for your question. My name is ***** ***** I will be very pleased to assist you. I'm a practising lawyer in England with over 15 years’ experience. Please be aware that although I will endeavour to reply to you promptly, I am also in full time private practice and so I may not be available to respond immediately and it may also take me a few minutes to prepare a reply. The site will notify you as soon as I respond. I look forward to working with you to answer your question fully.

Expert:  Joshua replied 20 days ago.

I am sorry to read of the above and please accept my condolences for your loss.

  1. May I gently ask when your mother passed away please?
  2. has your mother previously been married and if so, had her spouse (perhaps your father?) predeceased her?

Expert:  Joshua replied 19 days ago.

Do you have any further information on the above please?

Expert:  Joshua replied 18 days ago.

If you have no further information on the above I will be happy to provide a general answer

Expert:  Joshua replied 18 days ago.

I'm following up on the above. Without some further information from you as above, I am limited in what I can say on the matter but in the hope it is helpful nonetheless, I will provide you with the following broad answer. If you are able to kindly provide me with the above further information or if you have any further questions generally, I will be delighted to expand on the following - please just reply back to me in this case:

Notwithstanding the above, in general terms capital gains tax will be payable based on the difference between the valuation given for probate and the price of the eventual sale.

If there is unused inheritance tax allowance in relation to the estate, and the sale took place within two years of the date your mother passed away, then you may be able to apply for a corrective entry in relation to the inheritance tax return to allow you to uplift the probate value to the price the property was sold for however this would not be something you would want to do if there was no unused inheritance tax allowance  because inheritance  tax is charged at a higher rate the capital gains tax and there would be no point in paying a higher rate oof tax.

Expert:  Joshua replied 17 days ago.

I hope the above is of some assistance but if you have any further questions, please revert to me.

Expert:  Joshua replied 16 days ago.
I trust the above was of assistance and that you do not have any follow up questions for now. If there is anything else I can help with please reply back to me though.

Expert:  Joshua replied 15 days ago.
I hope I was able to answer your question. If you would like to ask me another question in the future, you can add me as a favourite Expert. You'll have the option to do that on your "My Questions" page if you choose to rate our interaction or you can request me by name if you wish. Thank you again for visiting JustAnswer and see you again in the future I hope.