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CGT, Late Brother’s house, intestate, self & sibling eventually ruled to inherit equally.

2912pwil
Posts:9
Joined:Fri Nov 28, 2014 11:59 am
CGT, Late Brother’s house, intestate, self & sibling eventually ruled to inherit equally.

Postby 2912pwil » Tue Jan 25, 2022 4:02 pm

Dear all:

CGT, Late Brother’s house, intestate, self & sibling eventually ruled to inherit equally. Both UK residents & citizens.

Excuse my ignorance over CGT & inheriting a house. I’ve declared & paid CGT before for Buy2Let, but not in these circumstances.

Brother died 20/12/2020: Turned out intestate. Probate granted June 2021, house valued at £350k. (3 estate agents written guesses, sounded about right at the time), selling for probably £427.5k. It had largely not been touched since 1971 and was a tip. We are not unhappy to have sold for more than valuation.

There were a few other things of value (premium bonds, shares, cash found in house, some £25k in bank accounts) but that’s it.

Being sold, possibly quite soon (maybe complete Friday).

We appreciate there may well be quite a bit of CGT for us both to pay. Any suggestions please regarding the matter? Are the various dates of any interest? Are we correct in assuming costs for probate are not claimable, nor costs of selling (solicitor, estate agent..) please?

There have been no “improvements”, only clearing the place and the odd repair (windows, central heating) which presumably are not claimable.

I understand from Messrs HMRC web site we will have 60 days to declare & pay CGT from date of completion . See…..
https://www.gov.uk/capital-gains-tax/report-and-pay-capital-gains-tax

Any thoughts or pointers gratefully reveived!

Best regards & thanks in advance!

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