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in the process of the title deed going in my name
will be transferred into my name
would i still have to pay Capital Gains Tax even if i live in the property as my main residence and decide to sell the property at a later date thanks
If the inherited asset is a property that you live in as your main home from the time you inherit it to the time you sell or dispose of it, you may not have to pay Capital Gains Tax when you dispose of it. This is because any gain you make when you dispose of your main home may be free of Capital Gains Tax through 'Private Residence Relief', whereas a gain on any other home may not be.
so i would have to live there for 3 years to be exempt from capital gain should i sell the property thanks
i did not live in the property at the time that i inherited the property but plan to live in the property as my main home soon,just wanted to check I would still be exempt from capital gains when i sell