This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

CGT after death of father

corinne
Posts:76
Joined:Wed Aug 06, 2008 3:27 pm

Postby corinne » Thu Mar 01, 2007 12:42 am

If I was left a property after the death of my father will I be due to pay capital gains on it if I sell it within three years of the death.

Many thanks for any help given

Simon Sweetman
Posts:1690
Joined:Wed Aug 06, 2008 3:11 pm

Postby Simon Sweetman » Thu Mar 01, 2007 12:59 am

You will potentially pay CGT on it whenever you sell it. However your base cost for the property would be its market value at the date of your father's death (the probate value if this has to be determined) and so it is unlikely that an early sale would attract CGT because there would not be a substantial gain.

CDavey9501@aol.com
Posts:513
Joined:Wed Aug 06, 2008 3:13 pm

Postby CDavey9501@aol.com » Thu Mar 01, 2007 1:00 am

Possibly, unless it becomes your PPR. Acquistion cost will be value at date of death.

CDavey9501@aol.com
Posts:513
Joined:Wed Aug 06, 2008 3:13 pm

Postby CDavey9501@aol.com » Thu Mar 01, 2007 1:02 am

Simon we posted (almost) at the same :)

corinne
Posts:76
Joined:Wed Aug 06, 2008 3:27 pm

Postby corinne » Thu Mar 01, 2007 1:10 am

Many thanks for your help.

Peter D
Posts:10668
Joined:Wed Aug 06, 2008 3:37 pm

Postby Peter D » Thu Mar 01, 2007 1:57 am

Corrine, 'You say if I was left' I hope you not planning something !! No seriuosly what is the size of your Dads estate, Not that it effects the CGT situation as already commented on but I am thinking with respect to IHT. DO I get the impression that your Mum has already passed away and if so then was that. Regards Peter


Return to “Capital Gains Tax, CGT”