How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4810
Type Your Tax Question Here...
bigduckontax is online now

Could you advise if Capital gains tax is due on a property.

Customer Question

Could you advise if Capital gains tax is due on a property. @ sisters inherited the property with a provision that1 could I've it in for her lifetime. She has now died, he half goes to her daughter.
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 Capital Gains Tax (CGT) levied on death. On death all the deceased persons assets are aggregated and exposed to Inheritance Tax (IHT) which is at a 40% flat rate on assets over 325K. The prevision as to your occupation of the property could well cease with your sister's death, but that depends upon the exact wording of the disposition. You will need to consult a trusted, local solicitor as to your position. I do hope that you have found my reply of assistance.