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Ask Mo Tax Expert Your Own Question
Mo Tax Expert
Mo Tax Expert, Accountant
Category: Tax
Satisfied Customers: 632
Experience:  Accounting and Tax Expert
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I am in the process of selling my late fathers property.

Customer Question

i am in the process of selling my late fathers property. probate sale.
at the time probate was granted it was valued at £275K. I have now accepted an offer for the property at £325K.
i believe i have to pay capital gains tax on the difference of 50K. so approx £10K
can i gift multiple friends/ family £3000 each, to lower the amount paid in tax? if so what is the maximum people/ money?
or are there any other loop holes to avoid paying
Submitted: 16 days ago.
Category: Tax
Mo Tax Expert
Expert:  Mo Tax Expert replied 16 days ago.

Hi and welcome to JustAnswer. I’m Mo Barrie, Qualified Accountant and Tax Expert. I’m currently reviewing your question and will respond to you shortly.

Thank you for your patience.

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Expert:  Mo Tax Expert replied 16 days ago.

Unfortunately, capital gains tax would apply once the property is sold.

The gifts would not make any difference to the chargeable gains.

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Customer: replied 16 days ago.
ok thanks, ***** ***** is no way of lowering the amount due by taking any deductions into account? such as utility bills, council tax etc
Expert:  Mo Tax Expert replied 16 days ago.

No. Except if you have incurred any structural repairs or legal fees during that period.

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Expert:  Mo Tax Expert replied 15 days ago.

Hello,

I have not heard back from you.

I hope that my answer gives you the capital gains tax clarity that you need. Unfortunately, I wished I had been able to give you any good news. But do let me know if you require any further help.

Thank you for the inquiry. It is my pleasure to assist you.

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