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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5147
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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My brother an I are in the process of winding up my mothers

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My brother an I are in the process of winding up my mothers estate after her passing away recently, we have owned my our parents house since 1996 the house is just about to be sold for £42,000 will my brother and I be liable for capital gains tax?
Neil Probert

Thank you for your question..

Your gain is the difference between the price in 1996 and the net sale proceeds now.

If you have not lived in that house as your main residence at all, then the whole gain is subject to CGT after allowing for gains allowance of £11,100 for each owner.

CGT rate applicable is 18%, 28% or a combination of both if it is a second home for you and your brother.

I hope this is helpful and answers your question.

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