Deductible Items from calculating the capital gain

Hi all, according to the guideline: Deducting costs You can deduct costs of buying, selling or improving your property from your gain. These include: estate agents’ and solicitors’ fees costs of improvement works, for example for an extension - normal maintenance costs like decorating do not count You cannot deduct certain costs, like interest on a loan to buy your property. Since some items are not mentioned, I would like to clarify if the following can be deductible form the gain: 1) stamp duties when purchase the property 2) mortgage insurance cost 3) miscellaneous fee paying the solicitor for completing the transaction, like building plan fee

Hi
You can deduct the stamp duty costs and the solicotr fee.
The mortgage fee is not in relation to the actual sale of the property and is therefore not allowable.
You cannot deduct any outstanding mortgage either.
Thankyou.

Hello and sorry to pick up an old post, but it seems similar to my doubt. I have recently inherit a flat in Spain. In this particular case, the inheritance tax in Spain is quite significant so I would like to know if the following costs could be considered as deduction if I decide to sell the flat. Inheritance taxes associated to the flat paid in Spain. I know the taxes on Capital gains could eventually by offset, but would the inheratiance taxes increase the "purchase price". I also have to pay another tax in Spain, similar to the stamp duty. Would I be able to deduct it when selling the property? Finally, as per the description, I think legal fees (solicitor and notary) would be deducted. As a note, all those points can be deducted under the Spanish tax law. I would appreciate your help, Regards, 

Name removed admin .

Hi David Torcal,
There is no tax relief for the taxes in Spain other than Spanish Capital Gains Tax.
In the UK you may be subject to capital gains when you dispose of the property.
You would need to obtain the market value for the property on the day you inherited it and convert this to sterling using an exchange rate in use at the time.
The exchange rate is not set in stone, which is why you have a choice.
Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.
For your convenience, you can use any of the rate available here:
Exchange rates from HMRC in CSV and XML format
Or from another just and reasonable source. 
CG14200 advises how to computate and gain.
CG14200 - Computation: introduction
A list of incidental costs is shown here which can be deducted from the disposal value:
CG15250 - Expenditure: incidental costs of acquisition and disposal
Thank you. 

My parents transferred the ownership of their house (at zero cost) to my brother and me in 1992. Dad passed away in 1998 but Mum remained in the house (living there rent-free) until her passing at the end of Jan 2024. We are currently in the process of selling the house but I'm unclear whether capital gains will be charged on the final sale value (less allowances) or whether the sale value is reduced by the value in 1992?

Hi Dave Lumby,
Capital gains will be due if the value has increased since it was transferred to you in 1992.
The value at that time is classed as your purchase price (50%) 
Thank you.