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

On 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.



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