Tax on Capital Gains

publication date: Oct 11, 2011
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

Tax on Capital Gains

Capital Gains Tax and Property

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This is a taste of the many questions we have recently answered:-

Q -
When my father died he left my brother and I a share in the family home. My mother has now passed away and left her 50% share to my brother and I. When the house is sold as part of her estate, what will our CGT liability be? SEE THE FULL QUESTION HERE

A - It's a bit difficult to work out what your CGT liability will be exactly without the figures. However, CGT on a ‘second home' is applicable to any increase in the value from the day of purchase or probate value, minus the CGT allowance, which in total is currently £10,600 per person. So if the property was worth £100,000 when your father died in 1999 and is now worth £200,000, your CGT liability is £200,000 - £100,000 = £100,000*50% share of the home and increase in value = £50,000.



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