Sunday, January 17, 2021
Latest News from Cambridge and England


Is capital gains tax liable on an inherited property?

For 15 years I’ve never really lived in the property, and now I plan on selling it

Q I retired 10 y..

By admin , in Money , at November 23, 2017

For 15 years I’ve never really lived in the property, and now I plan on selling it

Q I retired 10 years ago and split my time between my holiday home in the Algarve for six months of the year and travelling in my motor home. I do not have a main residence in the UK, but I did inherit a flat which I have rented out for approximately 15 years – although when I have needed to work on it I have lived there.

This year I will be 65 and want to sell the flat and buy a main residence for myself and my wife in the UK. I have always declared any income from the flat on my self-assessment tax return. My question is, will I be liable to pay capital gains tax on the sale of the flat, and if so how will it be worked out as it was an inherited property. MF

Continue reading…Original Article

Comments


Leave a Reply


Your email address will not be published. Required fields are marked *