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.