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Where Taxpayers and Advisers Meet
Selling inherited assets including land
Apart from personal exemptions of £11,700, is CGT calculated on inherited property and land that are already liable to IHT (in our case, 24% of the total inheritance) ?
Re: Selling inherited assets including land
CGT is not usually charged on death. Instead, the property is given a tax free uplift in base cost to the probate value. i.e. if the property is then sold at probate value, there is no gain and no tax to pay.
