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Posted Mon, 06 Jan 2025 21:50:35 GMT by Bernie Sanders
Hello, I have been living in the UK since 2013 and hold settled status. Last year, my grandmother in Lithuania passed away, and I inherited her flat. I sold the flat for €98,000, while the official property valuation was €103,000, meaning I didn't make any gain (as confirmed by the Lithuanian tax authorities). Additionally, as a grandchild, I was exempt from paying inheritance tax in Lithuania. I am now purchasing a house in the UK, and my solicitor has informed me that I won’t be classified as a first-time buyer, so I will need to pay a Land & Buildings Transaction Tax (LBTT) of £1,500. My question is: am I liable for any other taxes in the UK due to the sale of the inherited property abroad and the purchase of the house here? Kind regards,
Posted Wed, 22 Jan 2025 09:18:05 GMT by HMRC Admin 25 Response
Hi Bernie,
As you sold it for less than valued there is no CGT to pay and you will notbe liable for Inheritance Tax.
Thank you. 

 

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