I have recently inherited a house in my father's will. The house is in need of modernisation and needs about £15,000 spending on it to bring it up to a decent standard to sell.I do not intend to live in it as I already own a home with my wife.
If the house is valued say at £70,000 for probate purposes because it is in poor condition and I spend money on it to do the repairs etc, am I liable to CGT if the property sells for £100,000?
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