Capital gains tax and selling inherited property

My late mother bought a flat for £179,000 in 2015 ..She left this flat to her children in her will and we have had it valued at the beginning of the administration period at £170, 000 .We recently sold it for £160,000 . Therefore we have lost money and not had any financial gain . Do I still have to inform the HMRC re this sale? and I have used your online calculator and it shows no CGT to pay is this correct please ? Thanks

Please can someone help me with this query? Thanks

Hi,
As a UK residential property, you dont need to report it as there is no tax to pay.
Thank you.

My brother and I inherited a property 24 years ago valued at £95,000. We have rented it out the whole time. He now wants to sell. The property is worth approximately £350,000. If we sell the property we will each be liable for CGT and I have looked at the calculator for this. If I were to buy him out (quite unlikely, but I’d like to know the answer), would it be that a) he would be liable for his half of the CGT but I wouldn’t until I sold up OR b) we would both be liable for our own half of CGT at the point of transfer of equity. I would then be liable in the future for any gain from that date of transfer of equity until I sold the property. (It would still be a rental property, not my residence) I hope this makes sense Thank you Jane Eames

My sister and I are executors of my mother's estate. There is no cash but a property that she has left to her 8 grandchildren with no fees to be subtracted. The property was valued 6 months ago at £110,000 for probate but sold at £132,000 So my understanding is that there is CGT to be paid on the £22,000 - do my sister and I split this between us and pay or does one of us submit the form and the other owes for the CGT? This is also in Scotland if that makes any difference - we are both basic rate taxpayers Thanks

Hi Jane,
Our response is that A is correct.
Thank you.

Hi Lynne0904,
If there is a will that names you as executors then you will both declare your own share.
If no will, it is sold as part of the estate and the 1 form is completed.
As basic rate taxpayers, it would only be applicable if the gain plus your income took you into the higher rate bank for Scotland.
Thank you.

Hi I am after guidance for the following :My sister and I are executor of my late mother s will. We have paid IHT and been granted probate. There are a total of 4 beneficiaries in my mothers will. My mother had a house which she had on rent, in addition to her main home. Valuation at the time of my mothers death was 430K and it is due to be sold this month for 510K. My understanding is that CGT will be on 80K however we are not sure if that 80k is split between us 4 and CGT paid individually or will there be 1 CGT to be paid from the estate?

Hi Mobina,
If there was a will showing the 4 beneficiaries then each one declares their share of the gain for their own CGT charge.
Thank you.

Hi, Noy sure if this is the correct place, but; I am an executor, just about to sell a probate property. I am fairly certain that no IHT or CGT is due. Do I have to report the sale to HMRC and if so, what form do I use. I do not want to mix this up with my online self assessment. Thanks for any help.

Hi Peter,
Please have a look at the guidance at:
Dealing with the estate of someone who's died and Dealing with the estate of someone who's died as this will cover inheritance tax guidance and capital gains tax.  If Capital Gains tax arises on the disposal of the property, then this should be reported and paid within 60 days of the completion date.
Thank you.
 

My mother passed away in 2017. My siblings and I were given lifetime rights to the property (5 of us in total). The terms of my mums will were that we would sell when all 5 siblings agreed and the money would be split between my mums 8 grandchildren. My sister continued living in the house until just before Christmas 2024 when we put it on the market. The house has now sold in Feb 2025 and made a ‘Capital Gain’ since its value in 2017. As it was my sister’s only home for 7 years, will that reduce the amount of CGT we have to pay?

I would like to know who is liable to pay cgt as I have had conflicting information from HMRC when I have called them. Will it be the estate or the beneficiaries when there is a will, my late mother passed away and left her estate to her children. There are 2 executer for my mothers will and 4 beneficiaries. We paid IHT, got grant of probate and sold my mothers house that she had on rent. This property was never transfered in our names. Please can you advise as we have less than 60 days to pay CGT. We have already divided the proceeds of the sale as we checked several time and were advised CGT is paid individually and not by the estate. So to clarify are the 4 beneficiaries liable for CGT or are we making one payment as an estate?

Hi,
 

Each of the siblings inherited a share of the property in 2017, when your mum passed away.  Each sibling acquired their share of the property at the value declared at probate.  Now that the property has been disposed of, each sibling will need to work out their capital gains liability.  The sibling who lived in property from the date they inherited their share to the date the property was disposed of, will be able to claim private residence relief to set against their capital gain liability.  Any siblings who did not live in the property as their main residence from 2017 to the disposal date cannot claim private residence relief.  There is a capital gains tax calculate at :  Tax when you sell property  , which each sibling should use to work out their individula capital gains liability.  Any gains should be reported and paid within 60 days of the completion date.  Guidance on private residence relief can be found at : HS283 Private Residence Relief (2024) . Thank you .