AshB

My father passed away last year in Spain where he was domiciled. Myself and my three brothers inherited his Spanish flat. It was immediately valued by an estate agent and put up for sale. We sold it for around £5000 less than what it was valued at. As we sold it for LESS than it's market value at the point of our father's death, does this mean that we don't have to pay Capital Gains Tax (as we made a 'loss' rather than a gain)? If that's the case, do we still need to declare the proceeds?

My father was domiciled abroad (Spain) and all his assets are in EU countries. I understand that this means I don't have to pay any tax on the inheritance I receive. Two questions: (a) do I still need to declare the money received even though its not taxable? (b) some of my inheritance is my share of the proceeds from the sale of his flat. Is this treated any differently because it involves the sale of property (eg. does Capital Gains Tax apply in any way?) Thanks