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Do You Have To Pay Capital Gains Tax On Inherited Property

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postman44 | 18:50 Sun 08th Dec 2019 | Home & Garden
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Do you have to pay capital gains tax on inherited property from parents well you sell the property.
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Avatar Image JimF
https://www.gov.uk/capital-gains-tax

https://www.which.co.uk/money/tax/capital-gains-tax/capital-gains-tax-on-property-avuq96u1500f
18:58 Sun 08th Dec 2019
Avatar Image Ryzen
No CGT ..however inheritance tax may be payable if the property is worth more than £1M...seek advise.
18:58 Sun 08th Dec 2019
Avatar Image Toorak
It seems as though you do need to if inheriting the property means you own 2 homes.

https://www.gov.uk/tax-property-money-shares-you-inherit/property
18:59 Sun 08th Dec 2019
Avatar Image ubasses
If you inherit a property, you will only pay CGT on any gain you make between inheriting and selling, and over your £12,000 annual allowance.
If there was IHT to pay on the Estate and not enough liquid assets to cover it, then you would have to pay it from the sale of the house.
19:15 Sun 08th Dec 2019

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