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Hi, Sam here , one of the UK tax Experts here on Just Answer, thank you for your question and I shall reply shortly
Thanks for your patience
Then you have an initial gain of £85000 (difference between the sale and inherited price) but note that you mist use the estate/probate for the value of the property not an estate agents post valuation - so do check that figure
Did you ever live in the property if so what dates ? And did you declare all the rental income to HMRC?
What date did your husband pass away?
What is your usual annual income ?
How much did it cost to replace the windows and was this ALL of the windows or just some. Note that fencing and felling of trees have no bearing on the capital gain
I can then calculate the gain for you
If you did not replace all the windows then you cannot offset this against the capital gain either I m afraid and if you want a preliminary idea of the gain then please provide the date you husband passed away please
I need the date that your husband passed away please
And then as your income is so high - how much your state pension is a year
Thanks for your responses
Then of the £85000 gain (from which you can deduct the costs to sell such as estate agent and legal fees) the time that you owned 50% and then 100% are apportioned as follows
You owned for 168 months (approx) and it was 50% owned by you for 156 months so to establish your share
£85000 x 156/169 = £78929 x 50% = £39465 and then
£850000 x 12/168 = £6071
So your share of the gain = £45536
Then for 2017/2018 the first £11,300 is exempt leaving £34236 and because you are a high rate taxpayer then all of this gain will be liable to 28% = £9586.08 capital gains to pay
If course when the costs to sell are deducted and the time owned and the 50%/100% share time fine tuned, then the gain will be a bit less.
You are very welcome and if you need the calculation fine tuning or get the actual probate value Im happy to provide a new calculation
But if you have all that you need for now, it would be appreciated, if you could rate me for the level of service I have provided