Tax on Capital Gains
publication date: Oct 11, 2011
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author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
Tax on Capital GainsCapital Gains Tax and PropertyOn most days we are answering your property questions for free via our Property Forum. 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. READ THE FULL ANSWER ON CAPITAL GAINS LIABILITY HERE NEED HELP FROM THE DESIGNS ON PROPERTY EXPERTS? Email enquiries@designsonproperty.co.uk for a one of our FREE Property Checklists. Do you have a property question? GET AN INDEPENDENT ANSWER! ASK US via our PROPERTY FORUM, email enquiries@designsonproperty.co.uk or call 0845 838 1763.
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