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Posted Thu, 03 Oct 2024 20:22:21 GMT by Leonard0406
Hi,
My father passed away last year and I have inherited a piece of land from him, in Montenegro.
He was not a UK domicile.
If I sold that piece of land, would I be liable to pay UK CGT on the proceeds?
Posted Fri, 11 Oct 2024 12:16:59 GMT by HMRC Admin 13 Response
Hi
Potentially, yes.  
Using an exchange rate in use at the time you inherited the property, convert the inherited value to GBP sterling.  
Do the same for your costs and the disposal value.  
Do the same for any tax deducted in Montenegro.  
The disposal value minus the allowable costs is your gain.  
Subtract the annual exempt allowance of £3000.  
If any money is left, it is taxable.  
Whether or not there is a gain, you are required to report the disposal on a self-assessment tax return.
Further Guidance is available at: Tax when you sell property: Selling overseas property
Thank you.

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