Postby devon » Sun Aug 04, 2019 9:43 pm
By , ”Just sold it for £440,000” do you mean that the legal transfer to the new owner has actually taken place or simply that you have agreed a sale.
A property to the value of £440,000 will bring in a substantial rental income, so if the sale has not been legally completed it would be in your interest to keep the property and benefit from the rental income
In that case when you die whoever inherits the property on your death will inherit it at the full market value at the time of your death, and can sell it at the then market price without any capital gains liability.
There will be a theoretical IHT liability, but from what you say concerning your modest assets, IHT exemptions should cover the value of your estate